NGX ASI Rebounds as BUA, FirstHoldco, Zenith Bank Rally
The Nigerian Exchange (NGX) All-share index (ASI) climbed as BUA Cement, FirstHoldco, Zenith Bank, among others, rode a positive wave, boosting the local bourse’s market capitalisation.
Stockbrokers reported that the Nigerian bourse turned green after three consecutive bearish closes, with the NGXASI advancing by +0.57% to settle at 251,635.42 points, lifting the year-to-date return to +61.71%.
The gains were supported by advances in 33 tickers, including BUACEMENT (+5.75%), FIRSTHOLDCO (+3.77%), and ZENITHBANK (+1.50%).
Sectoral performance tilted toward the bulls’ territory, with 3 of 5 sectors advancing. NGX Industrial Goods rebounded, up +2.27%, largely on the back of BUACEMENT.
NGX Banking also closed higher, advancing by +0.98%, supported by gains in FIRSTHOLDCO, ZENITHBANK, and UBA (+2.74%).
Similarly, NGX Oil and Gas edged up by +0.11%, lifted by JAPAULGOLD (+9.73%) and OANDO (+1.93%). However, NGX Insurance closed 1.64% lower amid a broad selloff across the sector.
While NGX Consumer Goods remained in negative territory, down 0.91%, amid profit-taking across tickers, including UNILEVER (- 10.00%), NASCON (-5.41%), and DANGSUGAR (-1.69%).
In contrast to the overall market close, market activity softened, with trade volume declining by 12.06% to 703.84 million units and trade value moderating by 13.29% to NGN32.10 billion.
ACCESSCORP (88.41 million units) topped the transaction volume chart, while ZENITHBANK (NGN3.99 billion) topped the value chart.
Similarly, market breadth weakened to 0.89x from 1.03x previously. FTNCOCOA (+10.00%) led the gainers list, while UNILEVER (-10.00%) led the laggards FirstHoldco Climbs on Significant Trading Volume Worth N1bn
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