Nigerian Exchange Records Small Gain Despite Midday Rally
The Nigerian Exchange records a small gain on Tuesday despite the midday rally. There was bargain hunting in four sectors, but for Oil and Gas slipped as bulls struggles to keep the market uptrend.
Despite the growth in the four key sectors, NGX closed near flat amidst sell-off and buy-interest in some medium and highly capitalized stocks, Atlass Portfolios stock analysts said in a market report.
Meanwhile, year to date returns stayed steady at 3.8% following a moderate pushed up reported on the local bourse. MarketForces Africa reported that the market was heated up midday as investors’ pumped money into some banking stocks.
The All-Share Index rose slightly by 0.20 basis points, representing a growth of 0.0005 per cent to close at 41,814.94 points. NGX capitalisation advanced minimally by ₦10 million, representing a marginal surge of 0.0005 per cent to close at ₦21.82 trillion.
Data shows that market activities traded bearishly, as the total volume and value dipped by 47.63 per cent and 26.63 per cent today amidst third-quarter earnings releases.
A total of 353.23 million units valued at ₦5.57 billion were transacted in 5,322 deals. Again, FBNH topped the traded stocks in terms of volume, accounting for 20.70 per cent of the total volume of trades.
The financial stock maintains the position as the most trading stock, followed by GTCO (7.09%), UNIVINSURE (6.45%), UBA (5.76%), and TRANSCORP (5.22%) to complete the top five on the volume chart.
Also, FBNH appeared as the most traded stock in value terms, with 16.28 per cent of the total value of trades on the exchange.
UNIVINSURE and UPL led in the gainers’ chart as their share prices appreciation of 10.00 per cent, respectively, trailed CHAMS (4.55%), UACN (3.18%), ETI (1.95%), WAPCO (1.21%), UBA (1.20%), PZ (0.78%), UNILEVER (0.65%), NAHCO (0.29%), and 12 others.
On the contrary, 21 stocks declined in price led by ABCTRANS with price depreciation of 8.82 percent to close at ₦0.31, as CUTIX (-5.47%), NGXGROUP (-4.61%), NB (-2.82%), HONYFLOUR (-1.64%), FBNH (-1.20%) , AFRIPRUD (-0.78%), NEIMETH (-0.56%), ZENITHBANK (-0.40%) and GTCO (-0.35%) also dipped in price.
Today, Insurance and Banking indices led the gainers, up 0.5% and 0.2% respectively following price uptick in PRESTIGE (+7.0%), UNIVINSURE (+10.0%), UBA (+1.2%) and ETI (+2.0%).
Buying interest in WAPCO (-1.2%), UNILEVER (+6.9%), and INTBREW (+9.3%) buoyed a 6bps and 4bps upside in the Industrial and Consumer Goods indices respectively. However, the market breadth closed positive, recording 22 gainers and 21 losers.
On the Exchange, BUACEMENT reported its 9M: 2021 results which showed a 19.4% year on year increase in revenue to ₦186.9 billion. Operating profit rose 21.5% year on year to ₦75.7 billion despite a 26.2% growth in operating expenses. The cement company profit after tax jumped 23.2% year on year to ₦65.9 billion.
Nigerian Exchange Records Small Gain Despite Midday Rally
