NGX Rebounds as Zenith Bank, Access Drive Banking Index Surge
The Nigerian Exchange (NGX) All-Share Index rebounded on Friday, as Tier-1 bank and Lafarge Africa stocks halted the downtrend in the local bourse after 4 days.
The stock market closed in the green, with key market performance indicators up 0.15%. The uptick, which marked the week’s only bullish session, was driven by renewed buying interest amid bargain hunting in mid-cap and blue-chip stocks.
Stocks that posted price appreciations include Lafarge Africa (Ticker: WAPCO), ACCESSCORP, ZENITHBANK, MTNN, DANGSUGAR, and others, across all major market sectors.
The Nigerian market index added 366.00 basis points, closing at 242,593.31. Likewise, market capitalisation gained ₦234.73 billion to close at ₦155.59 trillion.
Despite the positive close to the week, the overall market posted a bearish week-on-week performance. NGX data revealed that total volume traded and total value increased by +3.40% and +14.90%, respectively.
According to Atlass Portfolio Limited, approximately 608.49 million units valued at ₦32,032.57 million were transacted across 53,826 deals. ABBEYBDS topped 27.04% transaction volume, followed by ELLAHLAKES (12.64%), ACCESSCORP (7.38%), LINKASSURE (3.79%), and TIP with 3.33%.
Meanwhile, SEPLAT accounted for 15.02% of the total value of trade, thereby making it the most traded on the exchange.
INTENEGINS, ABBEYBDS, and DAARCOMM topped the gainers chart, up by +10.00% each, trailed by ZICHIS (+9.39%), SOVRENINS (+8.70%), PZ (+8.14%), TRANSCORP (+6.74%), CONHALLPLC (+6.01%), and thirty-one others.
A total of eleven stocks depreciated. With a price depreciation of -9.84%, ACADEMY topped the worst performers’ chart, followed by UPL (-9.73%), VFDGROUP (-7.59%), AFRIPRUD (-2.63%), CHAMS (-2.44%), and INTBREW (-1.59%).
Hence, market breadth closed on a positive note, with 39 gainers and 11 losers. The sectoral performance was positive, with all five major market sectors increasing.
The Insurance sector led with +1.14%, followed by the Banking sector (+0.90%), the Industrial goods sector (+0.46%), the Consumer goods sector (+0.06%), and the Oil & Gas sector (+0.01%).
