NGX Spikes as Telecom, Banking Stocks Rally

NGX Spikes as Telecom, Banking Stocks Rally

The equities segment of the Nigerian Exchange (NGX) appreciates strongly on Wednesday, reversing two days losses following buying interest in mid and large companies share in the domestic bourse.

Following today’s bargaining hunting, investors gained N184 billion or 0.71 per cent to close N25.959 trillion compared with N25.775 trillion on Tuesday.

However, market activities were down, as the total volume and total value traded for the day declined by -11.52% and -19.97% respectively, according to stockbrokers.

The All-Share Index (ASI) rose by 337.07 points or 0.71 per cent to stand at 47,660.04 from 47,322.97 posted at the previous session. The primary drivers of the recovery were gains in stocks of Zenith Bank, Guaranty Trust Holding Company and MTN Nigeria.

As a result, the year-to-date (YTD) return rose to 11.57 per cent. Market breadth closed positive as 18 stocks were on the gainer’s table while four on the losers’ table. READ: Naira Appreciates Against Dollar at Official FX Window

Wema Bank led the gainers’ table with 10 per cent to close at N3.30 per share. UAC of Nigeria followed with a gain of 9.95 per cent to close at N10.50, while Academy Press grew by 9.45 per cent to close at N1. 39 per share.

United Capital advanced by 8.10 per cent to close at N13.35 per share. ABC Transport gained by eight per cent to close at 27k per share.

On the other hand, Royal Exchange Assurance led the laggard’s table, depreciating by 10 per cent to close at 63k per share. Red Star Express followed with a loss of 79.25 per cent to close at N2.06, while Prestige Assurance declined by 8.51 per cent to close at 43k.

Also, Nigerian Breweries depreciated by 7.08 per cent to close at N42 per share. RTBriscoe fell by 6.90 per cent to close at 27k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.97 per cent. A total of 107.02 million shares valued at N1.32 billion were exchanged in 3,227 deals

Overall, the market sector performance closed negative, as two out of the five major market sectors declined, which includes the Consumer goods sector (- 0.79%), and the Insurance sector (-0.59%), while the Banking sector grew by +1.79%.

The Oil & Gas and Industrial sectors closed unchanged. # NGX Spikes as Telecom, Banking Stocks Rally

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