Stock Market Loss Moderated as NGX Bucks Bearish Trend
Stock market loss moderated Tuesday as the Nigerian Exchange (NGX) bucks bearish trend. The domestic bourse turns positive to halt the two consecutive sessions decline, according to Atlass Portfolios Limited. Stock market capitalisation rises to N19.621 trillion after gaining N26 billion.
The Nigerian Exchange All-share index (NGX-ASI) edged upward by 0.15%, with the benchmark index closing at 37,640.70 points as bargain hunting intensifies.
As a result, market breadth turned positive with 28 gainers compared to 14 losers. Meanwhile, market activities today ended with both volume and value of trades appreciating by 45.18 percent and 8.96 percent, respectively.
A total of 299 million units of shares valued at N3.37 billion, were traded in 3,630 deals.
Consequently, FCMB led the volume chart accounting for 17.79 percent, while GTCO led the value chart accounting for 14.70 percent, CUSTORDAIN (6.91%) GTCO (5.87%) ZENITHBANK (4.87%) and JAIZBANK (4.67%) to complete the top five on the volume chart.
However, LINKASSURE and IKEJAHOTEL topped the gainers’ chart, with their share prices appreciating by 10.00 percent, respectively. While JAIZBANK led the losers’ table with its share price depreciating by 5.17 percent to close at N0.55 after opening the day at N0.58.
The stock market witnessed late interest in DANSUGAR (+4.2%) and some Tier-2 banks – UBN (+3.7%) and FCMB (+8.1%).
Market data shows that month-to-date and year-to-date losses have moderated to -2.1% and -6.5%, respectively after today’s gain.
Analysing by sectors, the Insurance (+2.2%), Consumer Goods (+0.3%) and Banking (+0.3%) indices posted gains. On the other hand, the Oil & Gas (-0.9%) index declined, while the Industrial Goods index was flat.
Mixed Sector Performance
Afrinvest said in a report that performance across sectors under its coverage was mixed as 3 indices gained, 2 indices remained unchanged while an index lost.
The Insurance index led the gainers, up 2.2% following price appreciation in LINKASSURE (+10.0%), MBENEFIT (+7.5%), and AIICO (+1.0%).
Similarly, the Banking and Consumer Goods indices rose by 25bps and 29bps respectively, largely attributed to buying interests in UBN (+3.7%), FBNH (+1.4%), CADBURY (+9.6%), and NIGERIAN BREWERIES (+0.3%).
On the flip side, the Oil & Gas index shed 0.9% due to price depreciation in SEPLAT (-1.4%) and ETERNA (-1.3%). The Industrial Goods and AFR-ICT indices were unchanged today.
“In the coming trading session, we expect bargain hunting activities to sustain the positive performance”, Afrinvest said in the report.
Stock Market Loss Moderated as NGX Bucks Bearish Trend
