Nigerian Exchange Gains N565bn as DANGCEM, FBNH Rally

Nigerian Exchange Gains N565bn as DANGCEM, FBNH Rally

The Nigerian Exchange (NGX) rebounded after losing N622 billion as previously sold stocks like Dangote Cement, and FBNH were reacquired by investors in the local bourse.

Data from the domestic bourse showed that buying interest in blue-chip stocks such as DANGCEM, FBNH, and 21 others lifted market capitalisation after a large record loss the previous day. NGX record showed that year-to-date return inched higher to 27.23% after the fresh bargain hunting that started during the intraday trading session.

The market index or All-Share Index climbed by 1,037.43 basis points, representing an increase of +1.62% to close at 65,204.82, stockbrokers said in their respective market updates. Given the trading pattern on the day, market activities improved. Total volume and total value traded increased by +51.74% and +119.49% respectively.

Atlass Portfolios Limited told investors in an email that approximately 361.20 million units valued at ₦5,743.64 million were transacted in 5,531 deals. FBNH was the most traded stock in terms of volume, accounting for 38.85% of the total volume of trades.

The Tier-1 bank was followed by FIDELITYBK (5.97%), UNIVINSURE (5.18%), TRANSCORP (4.80%), and UBA (3.63%) to complete the top 5 on the volume chart.

Market data showed that FBNH was also the most traded stock in value terms, with 45.43% of the total value of trades on the exchange. CHELLARAM topped the advancers’ chart with a price appreciation of 10.00 percent. The company was trailed by SCOA (9.35%), DANGCEM (+9.34%), THOMASWY (+9.32%), CORNERST (+9.09%), and eighteen others.

Seventeen stocks depreciated despite a bullish momentum recorded. CAP was the top loser, with a price depreciation of -10.00% each, to close at ₦19.80. ACADEMY (-9.36%), DANGSUGAR (-6.63%), GLAXOSMITH (-6.60%), CHAMS (-5.05%), and WEMABANK (-4.30%) also dipped in price.

In that regard, the market breadth closed positive, recording 23 gainers and 17 losers. In addition, the market sector performance closed positive. This was indicated by the fact that three of the five major market sectors surged. The breakdown showed that the Industrial sector grew by 4.80%, followed by the Insurance sector (+0.60%), and the Banking sector (+0.19%).

Meanwhile, the Consumer goods sector was down by (-0.55%). The Oil & Gas sector closed unchanged. Overall, equities market capitalisation advanced by  ₦564.84 billion, representing a growth of +1.62%, to close at ₦35,483.72 trillion the previous day.

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