Nigerian Exchange Halts 3-day Losing Streaks

Nigerian Exchange Halts 3-day Losing Streaks

The Nigerian Exchange (NGX) halted its losing streaks on Thursday over renewed bargain hunting in some mid-cap listed stocks.  In the past few days, the exchange has been giving up gains amidst buckets of macroeconomic concerns.

Renewed interest in growth stocks halted its 3-day decline following gains in DANGSUGAR (+4.4%), FBNH (+3.6%), and FIDELITY (+2.7%).

As a result, the market index or All-share index (NGX-ASI) jumped up by 0.1% to 64,663.78 points, pushing year-to-date returns higher again.

Market data showed that year-to-date return rose to 26.2% from 26.1%, while market capitalisation advanced ₦21.0 billion to₦35.2 trillion.

Activity level was mixed as volume traded rose 9.8% to 320.3 million units, while value traded declined 49.8% to ₦3.7 billion.

Afrinvest said performance across its analysts’ coverage sectors was mixed, albeit positively skewed, as 3 indices gained, 2 lost, while the Industrial Goods index closed flat.

The Insurance and Consumer Goods indices rose 0.5% and 0.3% respectively owing to price appreciation in LINKASSURE (+7.7%), AIICO (+1.5%), and DANGSUGAR (+4.4%).

Trailing, the Oil & Gas index rose 0.1% due to gains in ETERNA (+1.4%). Conversely, the AFR-ICT and Banking indices dipped 1.1% and 0.5% respectively, following losses in MTNN (-2.0%), ZENITH (-1.3%), and ACCESSCORP (-0.9%).

Outlook Investor sentiment, as measured by market breadth, improved to 0.04x (from -0.08x in the prior session)as 20 stocks advanced, and 17 declined, while 77 closed flat.

In the final trading session for the week, Afrinvest stock analysts said they expect the market to sustain its positive posture due to bargain hunting opportunities. #Nigerian Exchange Halts 3-day Losing Streaks Naira Steadies as Banks Issue Update on FX Purchase