NGX Return Hits 24.4% as Investors Raise Stakes

NGX Return Hits 24.4% as Investors Raise Stakes

The Nigerian Exchange (NGX) year to date return hits 24.4% year-to-date as bulls held sway in the local bourse, extending the previous day’s gains to close the fourth trading session of the week in the green territory.

Large buying interest in bellwether stocks, including MTNN, GUINNESS, GTCO, and ZENITH BANK drove the momentum which lifted the market index upward as treasures hunter in the equity market increased their positions.

Specifically, the Nigerian Exchange All-Share Index advanced by 1.1% to 53,151.32 points. Today’s performance was supported by bargain hunting in MTNN (+4.4%).

Consequent to today’s bargain hunting, the equity market gained ₦301.86 billion to increase by 1.06 per cent and closed at ₦28.65 trillion. Data from the Nigerian Exchange shows that the month-to-date and year-to-date returns increased to +7.1% and +24.4%, respectively.

The total volume traded decreased by 30.4% to 266.18 million units, valued at N5.12 billion, and exchanged in 5,501 deals, according to data from the local bourse. The trading chart shows that TRANSCORP was the most traded stock by volume at 47.65 million units, while MTNN was the most traded stock by value at N1.88 billion.

Performance across sectors was broadly positive, as the Banking (+1.2%), Consumer Goods (+0.9%), Insurance (+0.4%), and Industrial Goods (+0.4%) indices closed in the green, while the Oil & Gas (-0.3%) index declined.

Market sentiment was positive (2.2x) as 24 tickers gained relative to 11 losers. READ: Nigerian Bourse Hits 2008 High on Heavy Bargain Hunting

The domestic bourse trading chart shows that CHAMPION gained 9.9% and LINKASSURE was up 9.1%, topping the highest gains of the day.  On the losers’ chart, NPFMCRFBK topped with a 9.9% share price drop and UACN declined by 9.7%. # NGX Return Hits 24.4% as Investors Raise Stakes