NGX Rises as Investors Take Positions Ahead of Earnings Season
The equity market rises on Monday as investors, and traders take positions in value stocks ahead of the first quarter of the financial year 2022 earnings season, jumping by more than N127 billion, according to trading data from the local bourse.
Today’s rally nudged the market performance indicators higher by 0.51%, driven by investors’ bargain-hunting in 32 stocks.
In its market note, Atlass Portfolios Limited said investors took advantage of the recent price moderation. In the last two weeks, the stock market had lost N345 billion, according to MarketForces Africa reports.
Consequent to fresh buying interest, the Nigerian Exchange All-Share Index rose by 236.49 basis points representing a 0.51 per cent growth, closed at 46,867.95 points.
Also, equity market capitalisation inched higher by ₦127.49 billion to close at ₦25.27 trillion, thus, year to date return improved. Similarly, the market activities were bullish, as the total volume and value rose by 45.76 per cent and 117.91 per cent, respectively.
About 224.64 million units valued at ₦3.82 billion were transacted in 5,946 deals, according to Atlass Portfolios, citing market data from the Nigerian Exchange.
GTCO appeared as the most traded stock in terms of volume, accounting for 19.25 per cent of the total volume of trades. The ticker was followed closely by ZENITH BANK (13.86%), STERLNBANK (10.43%), FIDELITYBK (6.16%) and ACCESSCORP (5.51%) to complete the top five on the volume chart.
Today, MTNN emerged as the most traded stock in value terms, with 27.07 per cent of the total value of trades on the exchange. NAHCO topped the advancers’ chart with a price appreciation of 10.00 per cent.
The company’s stock was trailed by UCAN (9.90%), UCAP (4.96%), ZENITHBANK (4.35%), CAVERTON (3.97%), WAPCO (3.41%), WEMABANK (3.23%), ACCESSCORP (2.04%), UBA (1.27%), MTNN (1.21%), INTBREW (1.03%) and twenty-one (21) others.
On the flip side, thirteen (13) stocks depreciated, led by ACADEMY with a price decline of 9.60 per cent to close at ₦1.60.
MBENEFIT shed 7.69%, JAPAULGOLD dipped 5.88%, VITAFOAM lost 2.02%, OANDO dropped off 1.04%, HONYFLOUR sank 0.58% and GTCO tumbled 0.22%.
Traders said market breadth was positive, recording 32 gainers and 13 losers and sectoral performance was bullish.
Today, four of the five major sectors closed positively compared to the previous session, led by Banking (2.83%), Insurance (1.38%), Industrial Goods (0.22%), and Consumer Goods (0.03%). Meanwhile, the Oil & Gas sector shed 0.14 per cent. #NGX Rises as Investors Take Positions Ahead of Earnings Season
