NGX Rises by N75bn as Banking Stocks Rally
The Nigerian Exchange (NGX) gained weight further as equities investors saw more than N75 billion on Monday. Though the local bourse gained N77.10 billion, trading activities had a bearish undertone.
Stockbrokers said the gain recorded first day of the new week was buoyed by renewed interest in banking stocks, majorly. Consequently, the market index advanced while the rally pushed NGX’s year-to-date return to 27.48% – making the exchange one of the best performing bourses in the emerging markets.
Data from the market showed the Nigerian Exchange All-share index gained 21 basis points, concluding at 65,336.71 points versus the previous session’s 65,198.08 points.
Futureview Financial Limited noted that investors’ focus on prominent stocks like ETERNA (+2.61%), ACCESSCORP (+1.17%), MTN (+1.08%), GTCO (+1.65%), CADBURY (+4.66%), and ZENITHBANK (+0.29%). Three out of five indices posted negative performance, according to stockbrokers market update.
The total volume of trades declined by 7.9% to 334.33 million units, valued at N3.89 billion and exchanged in 6,940 deals. STERLINGNG was the most traded stock by volume at 55.14 million units, while MTNN was the most traded stock by value at N559.39 million.
By sector performance, the Banking (+0.8%) and Oil & Gas (+0.1%) indices recorded gains, while the Insurance (-1.2%) and Consumer Goods (-0.1%) indices declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as an equal number of tickers (25) gained and lost while 63 stocks closed flat. Overall, equities investors gained N75.44 billion, pushing market capitalisation to N35.56 trillion. Naira Devaluation Deepens Economic Crisis in Nigeria
