Zenith, GTCO Buoy NGX Momentum, Investors Gain N370bn
Zenith Bank and GTCO, among other gainers, supported the Nigerian Exchange (NGX) momentum, with equity investors recording about N370 billion in gains on Thursday.
The local bourse closed trading on a positive note, as key market performance indicators rose by 0.4%, stockbrokers said.
Investor sentiment remained upbeat, driven by ongoing corporate actions, with bargain hunting in mid-cap and blue-chip stocks.
The NGX benchmark index inched up by 0.4% to settle at 202,672.56 points, while market capitalisation expanded to N130.5 trillion, with about N370 billion in gains.
NESTLE (+6.36%), alongside gains in ZENITHBANK (+2.75%) and GTCO (+1.94%) aided today’s increase in equity portfolio value.
However, the Total Volume of trades and the Total Value traded declined by -35.17% and -1.84% respectively, stockbrokers said in separate reports.
In its note, Atlass Portfolio Limited told investors that approximately 652.86 million units valued at ₦39,820.11 million were transacted across 51,101 deals.
ACCESSCORP topped volume driver, accounting for 18.73% of all units of trade executed in the local bourse, followed by GTCO (9.59%), CHAMS (9.35%), ZENITHBANK (6.73%), and UBA with 4.47%.
High-cap stock GTCO accounted for 20.37% of all traded value on the NGX platform, making it the most traded on the exchange.
TRANSEXPR led the gainers chart, up by +9.94%, trailed by INTENEGINS (+9.84%), GUINEAINS (+9.52%), REGALINS (+9.18%), WAPIC (+9.09%), FTGINSURE (+7.63%), and twenty-three others.
A total of thirty-one stocks depreciated. With a price depreciation of -10.00%, LIVINGTRUST topped the worst performers’ chart, followed by RTBRISCOE (-9.94%), TANTALIZER (-9.55%), LIVESTOCK (-9.40%), VFDGROUP (-8.85%), and OMATEK (-6.88%).
Hence, the market breadth closed on a negative note, with 29 gainers and 31 losers. The sectoral performance was bullish, with all indices closing higher.
The Banking (+1.12%) index was the biggest gainer, propelled by price appreciations in ZENITHBANK (+2.75%) and GTCO (+1.94%).
The Insurance (+0.67%) and Consumer Goods (+0.44%) sectors benefited from demand in WAPIC (+9.09%) and NESTLE (+6.36%), respectively.
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