Nigerian Exchange Rises by N795bn as Banking, Consumer Stock Rally
The Nigerian Exchange, NGX, market capitalisation expanded by about N795 billion on Monday due to significant investors’ interest in banking and consumer goods stocks. The local market commenced the week’s trading on a positive note, with key performance indicators showing notable gains.
The NGX All-Share index advanced by 0.79%, while the market capitalisation grew by 1.25%. The disparity between the performance indicators is attributed to the listing of GTCO Plc’s public offer of 9,000,000,000 ordinary shares of 50 kobo each at ₦44.50 per share on the exchange today.
Stockbrokers said the All-Share Index added 820.65 basis points in today’s trading session, reflecting a 0.79% increase to close at 104,418.95. Investors’ sentiment was bullish still, supported by strong buying interest in medium- and large-cap stocks, particularly in the banking and consumer goods sectors.
However, market activities were mixed as the total volume traded dropped by 10.08% while the total value increased by 48.10%. In a note, Atlass Portfolios Limited told investors that approximately 518.28 million units valued at ₦13,299.39 million were transacted across 17,196 deals.
In terms of volume, ACCESSCORP led the activity chart, accounting for 9.89% of the total volume of traded on the exchange. Other volume drivers in the equities market include FCMB (7.81%), STERLINNG (7.55%), ZENITHBANK (6.44%), and UBA (5.70%), rounding out the top five.
ZENITHBANK emerged as the most traded stock in value terms, accounting for 12.69% of the total value of trades on the exchange.
BETAGLASS topped the advancers’ chart with a price appreciation of 9.98 percent, trailed by RTBRISCOE (+9.92%), ACCESSCORP (+9.88%), CHELLARAM (+9.83%), SKYAVN (+9.80%), FCMB (+9.72%), and thirty-two others.
Thirty stocks depreciated, according to data from the local bourse. MRS was the top loser, with a price depreciation of -10.00%. Other decliners include TRANSCOHOT (-9.97%), CADBURY (-9.28%), OANDO (-6.39%), FTNCOCOA (-4.62%), and WAPCO (-0.57%).
Based on trading records, the market breadth closed positive, recording 38 gainers and 30 losers. But the market sectoral performance was negative as three of the five major market sectors went down.
The insurance sector declined by 0.95%, followed by the oil & gas sector, which shed 0.89%, and the industrial sector lost 0.03%. The banking and consumer goods sectors grew by 4.71% and 1.74%, respectively.
Overall, the equities market capitalisation of the Nigerian Exchange gained₦794.67 billion, representing a growth of 1.25%, settling at₦64.44 trillion. #Nigerian Exchange Rises by N795bn as Banking, Consumer Stocks Rally Interbank Rates Slow as Remita, FAAC Credits Boost Liquidity
