NGX Sees N217bn Gain as Investors Buy More Shares
The Nigerian Exchange (NGX) sees more than N217 billion gain on Wednesday as equity investors rev up buying interest to consolidate yesterday’s positive momentum. Today’s rally was driven by gains in MTNN, UBA and Dangote Sugar.
The bullish run witnessed thus widened year to date return in the equity amidst quiet session in the fixed income market. Analysts at Atlass Portfolios Limited spotted there was an appetite for bellwether stocks in all the major sectors.
Price appreciation in the bellwether helped push the equity market capitalisation back to the N22 trillion mark as the Nigerian Exchange All-Share Index increased by 416.24 basis points, representing a growth of 0.99 per cent to close at 42,435.16 points.
Stock market data shows that equities capitalisation edged higher by N217.20 billion to close at N22.14 trillion. Activities level remained bullish as the total volume and value traded rose by 1.62 per cent and 30.34 per cent, respectively.
A total sum of 649.77 million units valued at N7.20 billion was transacted in 3,757 deals. FBNH topped as the traded stock in terms of volume, accounting for 68.08 per cent of the total volume of trades.
The financial stock was followed closely by STERLNBANK (9.93%), GTCO (3.18%), UBA (2.27%), and ACCESS (1.90%) to complete the top five on the volume chart.
Also, FBNH emerged as the most traded stock in value terms, with 69.97 per cent of the total value of trades on the exchange.
MEYER developed as the most profitable stock to lead the advancers’ chart with a price appreciation of 7.69 per cent.
The company was trailed by DANGSUGAR (6.67%), UBA (5.30%), MTNN (4.49%), ETI (4.29%), ACCESS (3.45%), SEPLAT (2.46%), WAPCO (2.14%), VITAFOAM (1.75%), OANDO (0.67%), GTCO (0.62%) and eight (8) others.
Contrarily, eleven (11) stocks depreciated, topped by CUTIX with a price depreciation of 9.69 per cent to close at N2.61.
There was price depreciation in stock like MBENEFIT (-7.69%), NAHCO (-2.51%), FCMB (-1.02%), FBNH (-0.87%) and FIDELITYBK (-0.83%).
As a result, the market breadth closed positive, recording 19 gainers and 11 losers. Subsequently, the sector performance was relatively positive, as all the five sectors appreciated.
The performing segment was led by banking (1.83%), trailed by Oil & Gas (1.14%), Consumer Goods (0.64%), Insurance (0.62%) and Industrial Goods (0.10%), respectively. #NGX Sees N217bn Gain as Investors Buy More Shares
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