NGX Rises by N263bn as UBA, Stanbic, Airtel Rally
The Nigerian Exchange (NGX) rose by more than N263 billion on Monday following sustained interest in UBA, Stanbic IBTC and OANDO shares, supported by fresh interest in Airtel Africa.
Consequently, the stock market performance indicators grew by 0.71%; year-to-date return inched higher, racing far ahead of annual inflation despite weak sentiment that followed the FTSE Russell downgrade of the Nigeria Index.
Stockbrokers reported that investors increased buying interest in AIRTELAFRI, OANDO, UBA, and others, keeping the bourse in the green, despite the highly inflated environment.
Data from the Nigerian Exchange showed that year-to-date return advanced to 32.44%, as investors’ wealth was up by approximately ₦263 billion. The market index or the NGX All-Share Index increased by 481.43 basis points, which represents an increase of +0.71% to close at 67,877.17 points.
Furthermore, market activities were up, as the Total Volume and Total Value traded for the day increased by +26.03% and +70.55% respectively. According to Atlass Portfolios Limited, approximately 516.28 million units of stocks valued at ₦8,925.83 million were transacted in 8,357 deals in the local exchange on Monday.
UBA was the most traded stock in terms of volume, accounting for 21.30% of the total volume of trades. The Pan African lender was followed by UNIVINSURE (12.72%), TRANSCORP (8.23%), ACCESSCORP (7.82%), and CHAMS (6.26%) to complete the top 5 on the volume chart.
NGX’s falling angel, AIRTELAFRI, was also the most traded stock in value terms, with 30.45% of the total value of trades on the exchange.
CHAMS, NNFM, and OANDO topped the advancers’ chart for today with a price appreciation of 10.00 per cent each, trailed by STANBIC (9.58%), LASACO (+9.38%), TRANSCOHOT (+8.91%), ABBEYBDS (+8.82%), and twenty-one others.
Twenty-two stocks depreciated due to trading patterns in the market. OMATEK was the top loser, with a price depreciation of -10.00% to close at ₦0.36. SKYAVN (-9.95%), BETAGLAS (-9.93%), REDSTAREX (-8.50%), COURTVILLE (-8.47%), and DAARCOMM (-8.00%) also dipped in price.
As the NGX launched into a fresh rally, the market breadth closed marginally positive, recording 29 gainers and 26 losers. STANBIC (+9.58%), AIRTELAFRI (+1.60%), UBA (+8.51%), TRANSCOHOT (+8.91%), and OANDO (+10.00%).
In addition, the market sector performance closed positive, as three of the five major market sectors were up, Atlass Portfolios Limited told Investors in its market update.
This upsurge was led by the Banking sector, which grew by (+1.43%), followed by the Consumer goods sector by (+0.16%), and the insurance sector by (+0.14%). The Oil & Gas and Industrial sectors were down by -0.38% and -0.06% respectively.
Overall, equities market capitalisation inched higher by ₦263.49 billion, representing a growth of +0.71%, to close at ₦37,149.66 trillion from ₦36,886.17 trillion last Friday. #NGX Rises by N263bn as UBA, Stanbic, Airtel Rally
