Investors Gain N57bn Equities Market Halts Downtrend
The equity market rebounded after eight days of negative performance. Equities investors trading highs and lows on the Nigerian Exchange (NGX) saw a large daily gain of over N57 billion.
Due to fresh bargain hunting, the stock market performance indicator rose by +0.10%, according to data from the domestic exchange. The market index, also known as the All-Share Index, closed at 99,908.89, up +0.10%, or 100.55 basis points.
Despite the renewed interest, market activities declined. On Wednesday, there was a decrease of -20.11% and -30.56% in the overall volume and value traded. Stockbrokers at Atlass Portfolios Limited said in an update that approximately 322.66 million units valued at ₦5,820.46 million were transacted in 9,074 deals.
UBA was the most traded stock in terms of volume, accounting for 17.06% of the total volume of trades. The top 5 on the volume chart was completed by ZENITHBANK (14.58%), ACCESSCORP (13.95%), UNIVINSURE (6.59%), and TRANSCORP (4.94%).
ZENITHBANK was the most traded stock in value terms, with 29.05% of the total value of trades on the exchange. With a price appreciation of 10.00 percent, IKEJAHOTEL led the advancers’ chart. The company was followed by FIDELITYBK that appreciated by 9.88%.
Also on the gainer chart are: ACADEMY (+9.77%), MORISON (+9.71%), PRESTIGE (+9.26%), CILEASING (+8.82%), and eleven others. Twenty-six stocks depreciated, according to market details obtained from the Lagos bourse. The biggest loser, with a -10.00% price depreciation, was LIVESTOCK.
On the loser chart are: FTNCOCOA (-9.72%), AFRIPRUD (-9.42%), JAPAULGOLD (-6.11%), GTCO (-2.85%), and UNILEVER (-1.41%). Despite a notable increase in market capitalization, the market’s breadth ended the day with 17 winners and 26 losers.
Meanwhile, sectoral performance closed at par, as two of the five major market sectors went downward. The industrial sector lost 2.64%, and the consumer goods sector slipped by 0.05%. The banking and insurance sectors grew by +1.10%, and +0.58%, respectively, while the Oil & Gas sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange gained ₦57 billion, representing an increase of +0.10%, to close at ₦56.51 trillion.
