Nigerian Exchange Halts Losing Streaks with N370bn Gain

The Nigerian Exchange (NGX) equities market halted its three days loss making streaks with N370 billion daily gain on Thursday. The market recorded buying interest in financial and oil & gas stocks to close in the green region first time this week.

Consequent to positive price movements, the equities market performance indicators grew by +0.68% as investors weighed the impacts of an interest rate hike, and inflation expectations of investment assets.

In its market update, Atlass Portfolios Limited said the bourse upturn was due to bargain hunting in recently depreciated medium and large-scale stocks, such as; GTCO, UBA, OANDO, and others.

The market index or the Nigerian Exchange All-Share Index increased by 677.73 basis points today, representing a rise of +0.68% to close at 99,980.30. Today, market activities inched higher, according to stockbrokers. Total volume and total value traded for the day increased by +37.03% and +49.27% respectively.

Atlass Portfolios Limited told investors in its note that approximately 542.95 million units valued at ₦8,696.78 million were transacted in 9,650 deals. UBA was the most traded stock in terms of volume, accounting for 17.28% of the total volume of trades.

The Pan African lender was followed by TRANSCORP (9.97%), JAPAULGOLD (6.33%), STERLINGNG (5.25%), and FIDELITYBK (5.00%) to complete the top 5 on the volume chart.

Likewise, UBA was also the most traded stock in value terms, with 23.78% of the total value of trades on the exchange. GTCO, JULI, UBA, and NEM topped the advancers’ chart for today with a price appreciation of 10.00 per cent each.

These stocks were trailed by CHAMPION with (+9.97%) growth, CONHALLPLC (+9.92%), STERLINGNG (+9.90%), JAPAULGOLD (+9.85%), UACN (+9.76%), and twenty-seven others. ‘>>> Naira Rises by 19% as Forex Market Pressures Ease

Nineteen stocks depreciated, data from the local bourse showed. SUNUASSUR was the top loser, with a price depreciation of -10.00%. Other stocks on the loser chart included: ETERNA (-9.81%), CADBURY (-9.52%), NESTLE (-9.09%), MANSARD (-5.66%), and FLOURMILL (-4.53%).

Based on this trend, the market breadth closed positive, recording just 37 gainers and 19 losers.  In addition, the market sector performance was par, as two of the five major market sectors were up, led by the Banking sector.

The banking index grew by +6.14% followed by the Insurance sector which grew by +1.26% while the Oil & Gas and Consumer goods sectors were down by -0.33% and -0.18% respectively. The Industrial sector closed flat. Overall, equities market capitalisation advanced by ₦370.42 billion, representing a growth of +0.68%, to close at ₦54.71 trillion.

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