Stocks Valuation Rises as NGX Halts Losing Streaks

Stocks Valuation Rises as NGX Halts Losing Streaks

Stocks valuation rises midweek as the Nigerian Exchange (NGX) halts the losing streaks.  The stock market had rained red since Monday after a weak performance in the previous weak due to low buying sentiment.

Buying interest in mid and large-cap stocks lifted stock market performance indicators, up 0.13 per cent. Year to date return inches up after a sustained slowdown in the past trading sessions. READ: NGX Bleeds as Investors Lose N29 bln

As a result, the Nigerian All-Share Index rose by 66.39 basis points representing a 0.13 per cent appreciation, to close at 46,904.48 points, according to Atlass Portfolios Limited.

The equity segment of the Nigeria Exchange sees a N33.08 billion increase in capitalisation to close at ₦25.28 trillion. Meanwhile, the market activities were mixed, as the total volume trade dipped by 1.89 per cent and total value plunged by 46.39 per cent.

About 210.28 million units valued at ₦2.62 billion were transacted in 4,017 deals, stock traders at Atlass Portfolios said in a note, citing data from the Nigerian bourse. Today, ETI top the position as the most traded stock in terms of volume, accounting for 30.75 per cent of the total volume of trades.

The Pan African lender was followed closely by ACCESSCORP (14.64%), ZENITH BANK (7.87%), FIDELITYBK (5.65%) and TRANSCORP (4.89%) to complete the top five on the volume chart.

Also, ACCESSCORP emerged as the most traded stock in value terms, with 28.31 per cent of the total value of trades on the exchange. CORNERST and IKEJA HOTEL topped the advancers’ chart with a price appreciation of 10.00 per cent, each.

The due were trailed by ETERNA (9.82%), ARDOVA (2.56%), ETI (1.69%), MTNN (1.45%), UBA (0.65%), HONYFLOUR (0.29%), OANDO (0.21%) and seven (7) others. On the contrary, seventeen (17) stocks depreciated, led by CADBURY with a price decline of 6.67 per cent to close at ₦8.40 today.

JAPAULGOLD (-5.88%), PZ (-5.36%), CUTIX (-2.17%), ZENITHBANK (-2.15%), NGXGROUP (-1.64%), GTCO (-1. 29%), FBNH (-0.85%), ACCESSCORP (-0.50%) and WAPCO (-0.42%) also dipped in price.

Overall, the market breadth ended negative, recording 16 gainers and 17 losers, resulting in a weak performance in key market indices. With the trading pattern, sectoral performance closed negative, as three of the five major sectors closed bearishly compared to the previous session.

The downturn was led by Banking (-0.60%), Consumer Goods (-0.15%)and Industrial Goods (-0.03%), respectively. While the Insurance and Oil & Gas sectors spiked by 0.62% and 0.27%, respectively. #Stocks Valuation Rises as NGX Halts Losing Streaks