NGX Return Hits 19% on Heavy Bargain Hunting

NGX Return Hits 19% on Heavy Bargain Hunting

Bulls extend dominance in the Nigerian equity market on Thursday in the latest rally that sees year to date returns at 19%, according to data, from 17.3%. In the last two trading sessions, the exchange has gained 2.4%.

Consolidating on the buying interest, market data shows that equity investors actually gained about ₦383 billion, marking the sixteen successive trading sessions in the local bourse.

Stockbrokers at Atlass Portfolios said in a market report that the gaining streak follows the persistent bargain-hunting in medium and high capitalised stocks.

As a result of heavy positioning in value stocks, the Nigerian Exchange All-Share Index rose by 709.54 basis points representing a 1.42 percent growth and closed at 50,835.95.

Overall, market capitalisation advanced by ₦382.52 billion, representing an uptrend of 1.42 per cent to close at ₦27.41 trillion.

In the market report, Atlass Portfolios Limited said the market activities were mixed, as the total volume trade dipped by 30.88 per cent while the total value surged by 38.68 per cent.

About 462.60 million units valued at ₦8.31 billion were transacted in 6,801 deals, according to data from the domestic bourse.

Today, FCMB emerged as the most traded stock in terms of volume, accounting for 29.95 per cent of the total volume of trades.

The tier-2 lender was followed closely by ZENITH BANK (6.35%), TRANSCORP (5.71%), UBA (4.47%), and GTCO (4.39%) to complete the top five on the volume chart.

Closely held stock, NESTLE Nigeria Plc, appeared as the most traded stock in value terms, with 22.10 per cent of the total value of trades on the exchange. On the profitability chart, GUINNESS topped the advancers’ list with a price appreciation of 10.00 per cent.

Guinness Nigeria was trailed closely by NB (9.95%), ETERNA (9.37%), PRESCO (7.80%), MTNN (6.60%), ETI (4.17%), JAPAULGOLD (3.33%), WAPCO (1.69%), AIRTELAFRI (1.01%), NGXGROUP (0.63%), ACCESSCORP (0.52%) and twenty (20) others.

Conversely, twenty-two (22) stocks depreciated, topped by TRANSCOHOT with a price depreciation of 9.09 per cent to close at ₦4.5.

FTNCOCOA share price dipped 7.69%, OANDO lost 7.41%, WEMABANK fell 5.45%, VITAFOAM shrank 3.40% and FCMB shed 3.29% of its opening price. READ: Investors Take Position in Dividend Stocks Ahead of Earnings Season

NESTLE Nigeria was priced down by 2.78%, GTCO declined 1.88%, UCAP dropped off 1.49%, ZENITH BANK tracked lower by 0.62% and UNILEVER pullback by 0.36%.

Today, the Nigerian Exchange data shows that equity market breadth was positive, recording 31 gainers and 22 losers while sectoral performance closed positive.

Three of the five sectors closed bullishly compared to the previous session, led by the Consumer Goods (2.36%), Insurance (0.87%), and Industrial Goods (0.12%). The Oil & Gas and Banking sectors shed 0.51% and 0.08%, respectively. # NGX Return Hits 19% on Heavy Bargain Hunting