NGX Rises, Sterling Bank Gains, FCMB Dips
The Nigerian Exchange market capitalisation rises about N4 billion midweek after long days of losing streaks as equity investors traded exits. Today, Sterling Bank was among stocks that drove market momentum while there was a sell down in FCMB.
Halting the four consecutive sessions of a downtrend, the Nigerian Exchange performance indicators made a marginal uptrend, inched up 0.02% on accounts of bargain hunting in 16 stocks.
Consequently, the local bourse All-Share Index increased by 7.38 basis points representing 0.02 per cent appreciation, to close at 47,163.94 points.
Overall, the equity market capitalisation gained ₦3.98 billion, representing a growth of 0.02 per cent to close at ₦25.42 trillion, trading data shows. Meanwhile, the market activities were bearish, as the total volume and value dipped by 11.86 per cent and 17.61 per cent, respectively.
Stock traders at Atlass Portfolios Limited said in a note that approximately 267.48 million units valued at ₦3.22 billion were transacted in 4,099 deals.
Fidelity Bank (Ticker:FIDELITYBK) top the position as the most traded stock in terms of volume, accounting for 25.73 per cent of the total volume of trades.
The stock was followed closely by ACCESS (14.45%), UBA (11.56%), GTCO (8.96%) and ZENITH BANK (4.71%) to complete the top five on the volume chart.
Following an improved buying sentiment, GTCO emerged as the most traded stock in value terms, with 19.34 per cent of the total value of trades on the exchange.
CAP topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by STERLNBANK (3.95%), CONOIL (2.92%), FIDELITYBK (1.89%), UCAP (1.63%), NAHCO (1.27%), ACCESS (1.02%), WAPCO (0.85%), UBA (0.66%) and seven (7) others.
On the flip side, sixteen (16) stocks depreciated, led by FCMB with a price decline of 8.72 per cent to close at ₦3.35, as TRANCORP (-1.79%), LIVESTOCK (-1.20%), INTBREW (-1.00%), ETI (-0.87%) and ZENITH BANK (-0.19%) also dipped in price.
Today, the market breadth closed at par, recording 16 gainers and 16 losers. NGX Sectoral performance was positive, as all the five major sectors closed bullishly compared to the previous session. READ: Sterling Bank Extends 58% of Its Loan Portfolio to 20 Customers
The sector’s performance was led by Banking (0.25%), Oil & Gas (0.11%) and Industrial Goods (0.08%), respectively. While the Insurance sector plunged by 0.18%, leaving the Consumer Goods sector unchanged. #NGX Rises, Sterling Bank Gains, FCMB Dips
