Investors in stocks made almost N71 billion thanks to a resurgence of interest in bank stock. Following five weeks of losing streaks, trading operations on the Nigerian Exchange concluded on a winning note. Key performance metrics have suffered as investors’ focus has switched to the fixed income market’s higher yield.
The local stock exchange’s alpha searchers found value in cheap bellwethers in the banking industry, which resulted in a +0.13% increase in the market performance indicators. Prior to the publication of Q1 earnings, the valuations of GTCO, Zenith, and Stanbic increased.
The market’s favorable result, according to stockbrokers, was caused by purchasing interest in a number of lately depreciated medium- and large-cap companies, including 13 other stocks like GTCO, UNILEVER, and ZENITHBANK.
According to Atlass Portfolios Limited, equities investors took advantage of low prices and dividend payment expectation to drive up their bargain hunting in the space.
The market index or the All-Share Index increased by 125.30 basis points, representing a rise of +0.13% to close at 99,665.05 points, stockbrokers said in their separate market reports. Furthermore, market activities were mixed, as the total volume traded for the day increased by +18.91%, while the total value traded decreased by -1.81%. Naira Suffers Big, CBN Goes Ballistic Against FX Whales
Citing data from the Nigerian Exchange, stockbrokers at Atlass Portfolios Limited said approximately 306.62 million units valued at ₦5,300.71 million were transacted in 8,298 deals.
GTCO was the most traded stock in terms of volume, accounting for 16.39% of the total volume of trades, followed by ACCESSCORP (15.71%), UBA (13.65%), UNIVINSURE (12.98%), and ZENITHBANK (4.96%) to complete the top 5 on the volume chart.
Also, GTCO was the most traded stock in value terms, with 33.48% of the total value of trades on the exchange. FTNCOCOA topped the advancers’ chart with a price appreciation of 9.58 percent.
The company was trailed by GTCO which gained +9.55%. Other gainers are: FTNCOCOA (+8.76%), UNIVINSURE (+8.57%), RTBRISCOE (+8.47%), LINKASSURE (+7.95%), and ten others.
Eighteen stocks depreciated, according to data from the stockbrokers. TIP was the top loser, with a price depreciation of -10.00%. Also on the loser chart are: VITAFOAM (-9.26%), UACN (-6.61%), FIDELITYBK (-6.18%), STANBIC (-5.86%), and ACCESSCORP (-1.18%) also dipped in price.
According to trading record, the market breadth closed negative, recording 16 gainers and 18 losers. On the other hand, the market sector performance closed positive, as three of the five major market sectors ended positive.
The Banking sector gained +1.27%, the Insurance sector rose by +0.46%, and the Industrial sector advanced by +0.06%. On the other side, the Consumer goods sector dropped marginally by -0.01%. The Oil & Gas and Industrial sectors closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦70.87billion, representing a growth of +0.13%, to close at ₦56.37 trillion.
