UBA, OANDO Drive Nigerian Exchange Higher by N58bn
Positive price movement in UBA, Oando Plc drove equities market capitalisation of the Nigerian Exchange (NGX) higher by about N58 billion at the beginning of the new week.
The market closed positive, inspired by upticks in OANDO (+9.84%), UBA (+9.90%) and ACCESSCORP (+5.64%), which outweighed selloffs in BUACEMENT (-3.42%) FBNH (-4.09%).
The bargain hunting on banking names, and other indexes resulted in the NGX All-Share index inching upwards by 0.10% to print at 98,558.79 points. Trading activities in the equities market ended on a mixed note as the total volume traded for the day dropped by 11.09%. Total value traded was up by 18.72%.
Atlass Portfolios Limited told investors in a note that approximately 708.79 million units valued at ₦7,902.62 million were transacted across 10,583 deals. JAPAULGOLD was the most traded stock in terms of volume, accounting for 31.19% of the total volume traded in the market.
Other volume drivers include UBA (7.71%), ACCESSCORP (5.95%), VERITASKAP (5.19%), and ZENITHBANK (3.71%). UBA emerged as the most traded stock in value terms, with 16.25% of the total value of trades on the exchange.
ABBEYBDS, AFRIPRUD, and NSLTECH topped the advancers’ chart for today with a price appreciation of 10.00 percent each. Other gainers include TRIPPLEG with (+9.93%) growth, DEAPCAP (+9.91%), UBA (+9.90%), OANDO (+9.84%), CWG (+9.82%) and twenty-four others.
Twenty-three (23) stocks depreciated, according to stockbrokers. ELLAHLAKES was the top loser, with a price depreciation of -9.96%, as NEIMETH (-9.81%), CAVERTON (-9.70%), NGXGROUP (-7.56%), FIDELITYBK (-7.33%), and BUACEMENT (-3.42%) also dipped in price.
At the end of the trading session, the equities market cap advanced to N56.6 trillion as investors gained N57.5 billion. On a month basis, the market gained 2.05%, driven by GEREGU (+15.00%), MTNN (+6.11%) and SEPLAT (+10.00%), which outweighed selloffs in TRANSPOWER (-9.99%) and BUACEMENT (-3.42%), according to CardinalStone Securities Limited.
CAVERTON with 72.86% price surge was the best-performing sticker, while LEARNAFRICA (-24.53%) experienced the most significant price decline.
Stockbrokers said in the last three month, the equities market lost 1.50% stemming from selloffs in DANGCEM (-18.89%), BUACEMENT (-23.18%), TRANSPOWER (-19.31%) which outweighed strong buying interest in OANDO (+450.67%) and GEREGU (+15.0%).
OANDO led the gainers’ list, while CUTIX (-45.23%) led the laggards, CardinalStone said in its market update. Trade metrics saw a surge, with total volume and value traded jumping by 132.95% and 1,576.22%, respectively.
The total volume traded closed at 1.86 billion units valued at N111.58 billion following Tolaram’s acquisition of Diageo’s 58.02% shareholding in Guinness Nigeria Plc.
Stock analysts at CardinalStone said it was an off-market trade executed on the stock of 1.2 billion units exchanged at a price of N81.60.
On sectoral performance, the Insurance (+2.07%) and Banking (+1.14%) indices all closed positively, attributable to increased buying interest in NEM (+8.50%) and UBA (+9.90%), respectively.
Conversely, the industrial goods (-1.07%) and consumer goods (-0.05%) indices declined as investors sold off BUACEMENT (-3.42%) and NB (-4.24%), respectively. The Oil and Gas index closed flat. #UBA, OANDO Drive Nigerian Exchange Higher by N58bn NGX Gains Weight as Investors Wealth Rises by N120bnThe post UBA, OANDO Drive Nigerian Exchange Higher by N58bn appeared first on MarketForces Africa.