Nigerian Exchange Swells by N228bn as GTCO, Transcorp Rally
The Nigerian Exchange (NGX) market capitalisation swelled by more than N228 billion in the first trading session of the new week, driven by bargain hunting in GTCO, Transcorp Plc, and other risers.
Positive sentiment nudged the All-Share Index higher by 0.14%, closing at 250,156.80 points. As a result of bargain hunting on the local bourse, year-to-date returns climbed to +60.76%, stockbrokers reported.
Trading data from the Nigerian bourse showed that the equities market capitalisation increased by N228.25 billion, closing at N162.39 trillion.
The performance was driven by gains in HMBNG (+2.84%), GTCO (+3.00%) and TRANSCORP (+6.78%), which masked losses in OKOMUOIL (-10.00%) and ARADEL (-1.29%).
The market recorded 38 gainers, outpacing 25 laggards. NASCON (+10.00%), OMATEK (+10.00%), SUNUASSUR (+10.00%), and THOMASWY (+10.00%) topped the gainers list, while OKOMUOIL (-10.00%) led the laggards.
Trading activity was varied, as volume and deal count rose 9.16% and 55.01% to 574.19 million shares and 68,655 transactions, respectively, while turnover plunged 60.72% to N38.06 billion.
ZENITHBANK was the most traded counter by volume and value, with 77.1 million units (13.42% of total volume) traded in deals worth N9.9 billion (26.03% of total value).
Sectoral performance was predominantly positive, with four indices closing higher. The Banking (+0.68%) index led the upturn, driven by demand for GTCO (+3.00%), followed by the Industrial (+0.47%) index, which rose due to gains in HBMNG (+2.84%).
The Insurance (+0.33%) and Consumer Goods (+0.32%) indices also closed higher, spurred by demand in MBENEFIT (+6.11%) and NB (+2.99%), respectively.
However, the Commodities (-0.97%) and Oil and Gas (-0.40%) indices closed lower, weighed down by sell-offs in OKOMUOIL (-10.00%) and ARADEL (-1.29%). Top 5 Stocks with Buy Recommendations from Broadstreet
