NGX Rises by N131bn as Selloffs Pressures Pause
The Nigerian Exchange (NGX) market capitalisation rose by about N131 billion as selloffs pressure paused after six consecutive negative price movements.
The equities market recorded first gain on Tuesday, reversing the negative trend with key performance indicators rising by 0.22%.
Consequently, the Nigerian All-Share Index added 215.63 basis points in today’s trading session, reflecting a 0.22% increase to close at 97,123.61.
The market witnessed investor interest in some CONOIL, UBA, ZENITHBANK, and others.
Stockbrokers said trading activities in the market increased today as investors sentiment improved. Total volume and total value traded for today increased by 194.37% and 79.64% respectively, most of which were on the buy side.
In its market note, Atlass Portfolios Limited told investors that approximately 3,602.24 million units valued at ₦25,569.81 million were transacted across 10,679 deals.
UBA was the most traded stock in terms of volume, accounting for 37.35% of the total volume of traded in the equities market.
Other volume drivers include ZENITHBANK (8.57%), VERITASKAP (6.41%), JBERGER (4.86%), and NB (4.14%), completing the top 5 on the volume chart.
Pan African lender UBA also emerged as the most traded stock in value terms, with 51.21% of the total value of trades on the exchange.
CONOIL topped the advancers’ chart with a price appreciation of 9.92 percent, trailed by JOHNHOLT which gained +9.92%.
Other gainers include UBA (+9.87%), EUNISELL (+9.87%), PZ (+8.48%), NGXGROUP (+6.17%) and twenty others. Twenty-one stocks depreciated, according to stockbrokers. OANDO was the top loser, with a price depreciation of -9.98%.
Other decliners include DAARCOMM (-9.68%), VERITASKAP (-6.25%), NB (-3.57%), JAPAULGOLD (-2.78%), and MANSARD (-1.69%). Today, the market breadth closed positive, recording 26 gainers and 21 losers.
Sectoral performances were mixed, with two major indices closing in green and the other three in red. Leading the bulls was the Banking (+3.16%) sector, driven by a strong performance in UBA (+9.87%).
The Oil and Gas (1.55%) index followed suit due to bullish sentiments in CONOIL (+9.93%). Conversely, the Consumer Goods (-0.05%), Industrial (-0.06%), and Insurance (-1.33%) indices slipped due to selloffs in NB (-3.57%), WAPCO (-1.04%) and VERITASKAP (-6.25%), respectively.
Overall, the equities market capitalisation of the Nigerian Exchange gained ₦130.79 billion to close at ₦58.85 trillion on Tuesday.
