Investors Gain N95bn as Equities Market Rebounds
Investors saw N95 billion gain as equities market rebounded midweek after two consecutive negative performance in the week. Due to buying interest on some banking, and oil and gas name, the market recalibrated from downward trend, thus pushing the year to date return upward.
According to data from the Nigerian Exchange results, year-to-date return climbed to 32.91%, tracking the annual inflation rate of 33.95%. The All-Share Index rising by 0.17% to 99,385.44 points.
Stockbrokers attributed today gains to bargain hunting in recently depreciated medium- and large cap stocks, such as OANDO, UNILEVER, FBNH, and others. The NGX All-Share Index climbed by 167.84 basis points, representing a rise of +0.17% to close at 99,385.44.
However, market activities declined as the total volume and total value traded for today decreased by -23.57% and -33.15% respectively. Atlass Portfolios Limited told investors that approximately 276.36 million units valued at ₦4,120.30 million were transacted in 7,597 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 16.44% of the total volume of trades. The top Nigerian lender was followed by AIICO (8.68%), GTCO (5.02%), FIDELITYBK (4.80%), and SKYAVN (4.35%) to complete the top 5 on the volume chart.
Likewise, ACCESSCORP was the most traded stock in value terms, with 20.87% of the total value of trades on the exchange. FTNCOCOA, OANDO, and CWG topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
The two companies were trailed by CILEASING which popped higher by +9.33%. Other gainers are VERITASKAP (+9.09%), UNILEVER (+8.18%), CONHALLPLC (+8.05%), UPDC (+7.75%), and twenty-six others.
NGX data showed that thirteen stocks depreciated, stockbrokers said. NSLTECH was the top loser, with a price depreciation of -10.00%.
Other decliners are CORNERST (-8.64%), ROYALEX (-7.58%), TANTALIZER (-4.17%), UNIVINSURE (-2.78%), and SOVRENINS (-2.17%).
Hence, the market breadth closed positive, recording 34 gainers and 13 losers. Also, the market sector performance was positive, as three of the five major market sectors closed positive.
The Banking sector grew by +0.76% followed by the Consumer goods sector which gained +0.27%, and the Insurance sector popped higher by +0.08%. The Industrial and Oil & Gas sectors closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange surged by ₦94.95 billion to close at ₦56.22 trillion. #Investors Gain N95bn as Equities Market Rebounds Reforms: Fitch Revises Nigeria’s Outlook to Positive
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