NGX Rebounds with N720 bn Gain as Banking Stocks Rally
The Nigerian Exchange (NGX) All-Share Index (ASI) rebounded on Tuesday, driven by buying interest in banking and insurance stocks, among other gainers.
The stock market capitalisation increased by ₦719.56 billion, closing at ₦155.85 trillion, while key market performance indicators climbed by 0.46%.
Stockbrokers reported buying interest in LEARNAFRCA, FIRSTHOLDCO, FCMB, ZENITHBANK, and MTNN, across major market sectors. The All-Share Index added 1,121.33 basis points in today’s trading session to close at 242,870.44
Total volume and the total value traded increased by +21.25% and +139.44%, respectively. In a note, Atlass Portfolio Limited told investors that approximately 634.78 million units valued at ₦53,336.20 million were transacted across 42,494 deals.
FIRSTHOLDCO drove volume, accounting for 51.57% of all shares traded in the market, followed by GTCO (3.54%), ACCESSCORP (2.92%), FCMB (2.54%), and ZENITHBANK (2.51%).
As expected, FIRSTHOLDCO accounted for 41.88% of the total trade value, making it the most actively traded on the exchange.
LEARNAFRCA topped the gainers chart, up +10.00%, trailed by FIRSTHOLDCO (+9.98%), THOMASWY (+9.80%), NREIT (+9.71%), RTBRISCOE (+8.68%), TRANSCOHOT (+8.37%), and twenty others.
A total of twenty-two stocks depreciated. With a price depreciation of -9.86%, INTENEGINS topped the worst performers’ chart, followed by LEGENDINT (-9.18%), FTGINSURE (-7.67%), FTNCOCOA (-7.55%), INTBREW (-4.79%), and JAPAULGOLD (-4.19%).
Hence, market breadth closed on a positive note, with 26 gainers and 22 losers. Sectoral performance was flat today as two of the five major market sectors increased, two declined, while one remained unchanged.
The Banking and Insurance sectors increased by 2.28% and 0.48%, respectively. The Consumer Goods sector and the Oil & Gas sector declined by -0.97% and -0.10%, respectively, while the Industrial Goods sector remained unchanged (0.00%). S&P 500 Tests Record Highs, Bulls Eye Next Leg
