NGX Rebounds, Gains N285bn as Earnings Worries Ease
The Nigerian Exchange (NGX) rebounded on Friday on signs of easing third quarter earnings worries – equities portfolio value increased by about N285.48 billion. Most of the listed companies have released their earnings, though with mixed performance across sectorial indices.
The Nigerian Exchange All-share index climbed by 0.29% on Friday despite a bucket of unimpressive earnings released by top banks, and the year-to-date return jumped to 49.74%.
The positive price appreciation halted four successive sessions of decline, supported by renewed buying interest in recently moderated stocks with good fundamentals. Top choices among the risers include JBERGER, TRANSCORP, OANDO, among others, across major sectors.
Trading details revealed that All-Share Index added 431.22 basis points to close at 154,107.88.
Likewise, the stock market capitalisation advanced by ₦285.48 billion to ₦97.82 trillion. Despite the positive close for the day, the overall market posted a bearish performance on a week-on-week basis.
On Friday, market activities edged higher as the total volume and total value of all trades surged by +552.63% and +27.85% respectively. Stockbrokers reported that approximately 5,193.99 million units valued at ₦44,888.47 million were transacted across 30,333 deals.
In terms of volume, GTCO led the activity chart, accounting for 12.68% of the total volume of trades, followed by ACCESSCORP (8.90%), OANDO (6.13%), UNIVINSURE (5.25%), and FDIELTYBK (4.87%), rounding out the top five.
GTCO emerged as the most traded stock in terms of value, accounting for 25.81% of the total value of trade on the exchange.
JBERGER and LEARNAFRCA topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by CORNERST (+9.82%), ASOSAVINGS (+9.57%), IKEJAHOTEL (+8.36%), INTENEGINS (+6.91%), TRANSCORP (+6.38%) and twenty-four others.
Thirty-four stocks declined due to sell pressures. DEAPCAP, ETERNA and MCNICHOLS were the top losers, with a price depreciation of -10.00% each.
Other decliners include CAVERTON (9.92%), HONYFLOUR (-9.09%), MANSARD (-5.80%), DANGSUGAR (-3.66%), and TANTALIZER (-2.04%).
With the trading patterns, the market breadth closed negatively, recording 31 gainers and 34 losers. Sectoral performance was divergent: Industrial (+1.06%), Banking (+0.83%), and Oil & Gas (+0.13%) posted gains, while Insurance (-1.98%) and Consumer Goods (-0.22%) declined.
The Commodity sector remained flat. NGX Trading activity surged significantly as volume jumped, values rose and deals increased 5.71% to 30,598, indicating intensified institutional positioning and liquidity inflows. UBA Grows Profit by 2.3% to N538bn, Bucks Negative Earnings Trend
