NGX Rises by N295bn as OANDO, FLOURMILL, WAPCO Rally
The equities market capitalisation of the Nigerian Exchange (NGX) rose by more than N294.96 billion on Friday as investors shook off inflation rate pressure during the trading activities.
NGX performance indicators improved 50 basis points today after the downturn. The market witnessed investors renewed buying interest across all the major market sectors, led by the insurance sector, whose growth bolstered the market’s performance.
Stockbrokers noted that NGX week’s transaction was on a high note, even as the headline inflation rate surged to 33.88% in October. On the back of bullish dominance, the Nigerian bourse All-Share Index increased by 489.21 basis points to close at 97,722.28.
However, market activities ended on a mixed note as the total volume traded for today increased by 1.26%. Meanwhile, the total value dropped by 13.42%. In its market note, Atlass Portfolios Limited told investors that approximately 295.19 million units valued at ₦6,768.01 million were transacted across 8,433 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 11.35% of the total volume of traded in the equities market. Other volume traders include ZENITHNBANK (10.32%), CONHALLPLC (6.84%), UCAP (6.51%), and SUNUASSUR (4.56%) –completing the top 5 on the volume chart.
ZENITHBANK emerged as the most traded stock in value terms, accounting for 19.38% of the total value of trades on the exchange. FLOURMILL and EUNISELL topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
Other gainers include JOHNHOLT (+9.97%), CONHALLPLC (+9.94%), SUNUASSUR (+9.68%), TANTALIZER (+8.70%), NGXGROUP (+8.48%) and twenty-four others.
Trading results from the equities market showed that nineteen stocks depreciated. DEAPCAP was the top loser, with a price depreciation of -9.17%. Other decliners include IKEJAHOTEL (-8.54%), UNIVINSURE (-5.88%), FIDSON (-5.69%), AFRIPRUD (-5.26%), and FTNCOCOA (-2.63%).
Given the trading direction, the market breadth closed positive, recording 31 gainers and 19 losers. However, today’s trading session showed a bullish performance across the sectors. The Insurance (+2.16%) index led the pack, spurred by buying interest in CONHALLPLC (+9.94%).
Meanwhile, the Industrial Goods (+1.70%), Oil & Gas (+1.32%), Banking (+0.72%), and Consumer Goods (+0.63%) indexes were supported by renewed interest in BUACEMENT (+3.80%) and OANDO (+4.42%), and sustained demand for GTCO (+2.75%), and FLOURMILL (+10.00%), respectively.
Overall, the equities market capitalisation of the Nigerian Exchange rose by N294.96 billion to settle at N59.22 trillion on Friday. #NGX Rises by N295bn as OANDO, FLOURMILL, WAPCO Rally Naira Rises against US Dollar Ahead of Sept. FX Auction
