Stock Market Expands Further as FBNH, Geregu Rally
The Nigerian Exchange (NGX) inched higher on Thursday as equities investors position on FBNH, Geregu, and Zenith Bank among other value stocks in the local bourse. Over the last four days, sentiments remained positive as the local bourse recorded straight gains while year-to-date return continues to race toward average inflation.
With the sustained rally, the year-to-date return saw a significant rise to 15.83%. During the trading session, Alpha Morgan Capital reported that there was an increase in the trade value, with an uptick of 8.20% to reach a total of N6.61 billion.
However, the trade volume witnessed a decline of 4.22%, totaling 615.91 million units traded across 7,459 transactions. Consequently, the benchmark All-Share Index increased by 6 basis points (bps) to reach 59,361.55 points, compared to the previous session’s level of 59,323.95 points.
The day’s positive performance was also supported by investors’ buying interest on MRS (+6.76%), GUINNESS (+2.96%), GEREGU (+1.69%), MTN (+0.19%) and ZENITH BANK (+0.16%).
NEM exhibited a substantial gain of 10.00%, and CORNERST and SKYAVN followed with substantial gains of 9.90% and 9.74% respectively during the trading session. On the other hand, LASACO, SOVRENINS, and UNITYBNK experienced declines of -10.00%, -9.84%, and -9.63% respectively.
The market activity displayed a mixed pattern, with a 4.22% decrease in the volume traded, amounting to 615.91 million units, while the value traded witnessed an 8.38% increase, reaching N6.62 billion.
The market breadth weakened as investor sentiment decreased from 1.76x to 1.10x. This shift was influenced by the upward movement of 34 stocks, the downward movement of 31 stocks, and 58 stocks closing at the same price as the previous session.
Given the bullish momentum, performance across the sub-sector was mixed, as the Insurance (+1.1%), Oil & Gas (+0.4%), and Consumer Goods (+0.1%) indices advanced. Meanwhile, the Industrial Goods index closed flat. Elsewhere, the Banking (-0.6%) index was the sole loser of the day as market liquidity remained subdued.
Total deals and volume decreased by 4.45%, and 4.22%, respectively, to 7,459 trades, and 615.91 million units. In terms of volume, WAPIC emerged as the most actively traded stock, with 97.15 million shares worth N91.25 billion changing hands in 256 deals.
Overall, the market capitalisation increased by 0.06% to reach N32.32 trillion, resulting in a boost of investors’ wealth by N20.50 billion. #Stock Market Expands Further as FBNH, Geregu Rally