NGX Sees N21bn Gain Amidst Seesaw Trading Pattern
The Nigerian Exchange, NGX, expands mid-week in fresh barging hunting after the previous day profit-taking trading activities. It’s becoming uneasy to predict the market performance given the recent trading pattern where stocks rise and fall due to short trading.
While the local bourse opened the week positive, there was bearish trade a day after which seems stockholders were just waiting for a moderate gain before they pull out from the market.
Today, the Nigeria stock market edged higher by 0.09 per cent to reverse the previous sessions negative sentiment. The growth was driven by investors’ positive reaction towards the medium and highly capitalized stocks like MTNN, GTCO, ETI and 16 others, Atlass Portfolios Limited said in a report.
Consequently, the Nigerian Exchange (NGX) All-Share Index expanded by 39.84 basis points, representing a growth of 0.09 per cent to close at 42,357.36 points.
Today’s rally sees equity market capitalisation rising by ₦20.79 billion, representing an increase of 0.09 per cent to close at ₦22.10 trillion. Accordingly, month-to-date loss moderated to -2.1%, while year-to-date gains increased to +5.2%.
Trading activities in the local bourse were mixed as the total volume traded dipped by 16.26 per cent while the total value rose by 14.50 per cent. A total sum of 226.18 million units valued at ₦2.63 billion was transacted in 3,476 deals.
INTBREW outdid the traded stock in terms of volume, accounting for 22.90 per cent of the total volume of trades.
The brewer’s stock was followed closely by FBNH (14.38%), GTCO (7.96%), UNILEVER (4.42%), and MBENEFIT (4.19%) to complete the top five on the volume chart.
Meanwhile, GTCO emerged as the most traded stock in value terms, with 17.37 per cent of the total value of trades on the exchange. REDSTAREX topped the advancers’ chart with a price appreciation of 7.94 per cent.
The stock was trailed by AFRIPRUD (4.10%), VITAFOAM (2.86%), GTCO (2.40%), ETI (1.66%), NB (1.05%), HONYFLOUR (0.27%), ZENITHBANK (0.20%), MTNN (0.11%) and ten (10) others.
Market data shows that thirteen (13) stocks depreciated, topped by ETRANZACT with a price depreciation of 9.57 per cent to close at ₦1.89.
CUTIX declined by 4.21%, UACN shed 2.04%, UBA fell 1.90%, WAPCO dipped 1.61%, ARDOVA slides 0.74% and SEPLAT lost 0.02% of their respective opening prices.
Meanwhile, the market breadth closed negative, recording 19 gainers and 13 losers. However, the sector performance was relatively negative, as three of the five sectors depreciated.
Decliners were led by Banking (-0.20%), trailed by Industrial Goods (-0.11%) and Oil & Gas (-0.05%), while Consumer Goods and Insurance sectors grew by 0.22% and 0.08%, respectively. #NGX Sees N21bn Gain Amidst Seesaw Trading Pattern
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