NGX Snapped Three Days Losing Streaks as Access, Dangcem Rally
Equities investors’ record gain as the Nigerian Exchange (NGX) snapped three days losing streaks on Thursday as bargain hunting in Access Bank and Dangote Cement stocks drive stock market index upward.
The end bearish runs seen in the past trading session resulted in 0.17 per cent gains as Atlass portfolios analysts said investors are on queue for interim dividends from DANGCEM and ACCESS.
The gain recorded pushed month to date returns to 0.1% while year to date losses moderated to 2.5%.
The positive sentiment was also seen in Banking, Consumer Goods and Insurance sectors, while Consumer Goods and Oil & Gas sectors sustained the previous day’s decline. Consequently, the All-Share Index grew by 68.01 basis points, representing a 0.17 per cent increase to close at 39,252.19.
Overall, equities market capitalisation edged higher by ₦35.44 billion, representing a growth of 0.17 per cent to close at ₦20.45 trillion.
Market data shows that trading activities were bullish, as the total volume and value traded appreciated by 54.84 per cent and 40.34 per cent, respectively. A total of 262.14 million units of shares valued at ₦1.999 billion were traded in 3.955 deals.
ACCESS led on the volume chart, accounting for 19.48 per cent of the total volume of trades, followed by TRANSCORP (13.77%), HONYFLOUR (7.11%), MBENEFIT (6.74%), and SOVRENINS (5.41%) to complete the top five on the volume chart.
NGX chart shows that ACCESS emerged as the most traded stock in value terms, with 23.57 per cent of the total value of trade on the exchange.
CHAMS topped the gainers’ table with price appreciation of 4.76 per cent, followed closely by PRESTIGE (4.35%), WEMABANK (3.66%), ACCESS (2.78%), DANGCEM (0.82%), ZENITH BANK (0.21%), GTCO (0.18%) and nine others.
On the other hand, UNITYBNK topped the decliners’ table as its share price declined by 8.62 per cent to close at ₦0.53, as UBN (-6.54%), HONYFLOUR (-4.88%), UACN (-2.78%), TRANSCORP (-2.20%), FCMB (-1.64%), STERLNBANK (-1.31%) and FIDELITYBK (-0.41%) amongst others also decline in price.
The market breadth closed negatively with 16 gainers as against 18 losers while analysts said they are expecting the positive sentiment to be sustained marginally in the next trading session.
Sectoral performance was broadly positive as Cordros capital said three of its coverage indices – Insurance (+1.1%), Industrial Goods (+0.4%), and Banking (+0.1%) indices recorded gains. Meanwhile, the Oil & Gas (-1.2%) and Consumer Goods (-0.1%) declined.
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NGX Snapped Three Days Losing Streaks as Access, Dangcem Rally
