NGX Equities Investors Make N143bn As ‘Fat’ Stocks Rally

Stock Exchange Closes Trading Week With N30bn Gain

On Monday, investors in stocks won almost N142 billion on the local exchange as equities continued to rise. Fresh bargain hunting on fat or high-value equities led to an improvement in key performance measures, according to data from the Nigerian Exchange.

Due to a spelldown that affected three of the five trading days last week, the market finished down and lost N290.1 billion. This was partially caused by investors who switched their focus to the fixed-income market.

According to stockbrokers, despite a rising rate of inflation, the market performance indicators increased by +0.26% on Monday, increasing the year-to-date return. Buying interest was shown in FBNH, CONOIL, and UBA.

Most banking stocks climbed during the intraday trading session, as reported by MarketForces Africa. At the end of the closing session today, the All-Share Index increased by 252.14 basis points, representing a rise of +0.26% to close at 97,864.65.

Despite the bullish trend, market activities inched lower. Total volume and total value traded dropped by -52.28% and -60.97%, respectively. In its market update, Atlass Portfolios Limited told investors that approximately 366.98 million units valued at ₦5,939.98 million were transacted in 8,031 deals.

Ticker: ACCESSCORP was the most traded stock in terms of volume, accounting for 48.07% of the total volume of trades. Other volume drivers are FBNH (12.58%), UBA (5.77%), FIDELITYBK (4.84%), and FTNCOCOA (2.95%).

Based on its size advantage, ACCESSCORP was also the most traded stock in value terms, with 50.43% of the total value of trades on the exchange. JOHNHOLT topped the advancers’ chart for today with a price appreciation of 9.60 percent.

Other gainers include FIDELITYBK with (+8.43%) growth, CONOIL (+8.36%), MBENEFIT (+7.69%), JAIZBANK (+6.02%), UBA (+5.73%), and nine others. Stockbrokers said twenty-two stocks depreciated despite the surge in key performance indicators.

On the loser chart are CAVERTON and CWG, with a price depreciation of -10.00%. Others are FTNCOCOA (-8.33%), LEARNAFRCA (-6.25%), REGALINS (-5.41%), OANDO (-5.21%), and JAPAULGOLD (-2.14%).

Today, the market breadth closed negative, recording 15 gainers and 22 losers. However, the market sector’s performance was positive.

Stock analysts said three out of the five major market sectors closed positively. The banking sector rose by +2.45%, followed by the oil & gas sector, which popped by +1.02%, while the consumer goods sector advanced by +0.15%.

Data from the Nigerian bourse showed that the insurance sector declined by -0.72% while the industrial sector closed flat. Overall, the equities market capitalization of the Nigerian Exchange expanded by ₦142.63 billion to close at ₦55.36 trillion.

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