Improved purchasing attitude on the local exchange resulted in gains of approximately N97 billion for equity investors trading the highs and lows on the Nigerian Exchange (NGX).
Strong investor enthusiasm in banking equities contributed to the market’s gains. Along with ongoing momentum in OANDO (+9.98%), Tier-1 banks that witnessed increases were FBNH (+4.60%), ZENITHBANK (+1.37%), and GTCO (+1.47%).
The NGX All-Share Index rose by 0.18 percent to close at 97,098.98, up from Tuesday’s closing value of 96,928.52, as a result of the bargain hunting. With the yearly inflation rate trailing behind, the return thus far this year increased to 29.86 percent.
Market breadth also closed positive, with 27 gainers and 22 losers. On the gainers’ table, Redstarex led by 10 percent to close at N4.18, and Oando trailed closely by 9.98 percent to close at N33.60 per share.
RT Briscoe and United Capital gained 9.90 per cent each to close at N1.11 and N16.10 per share respectively, while Industrial and Medical Gases added 9.87 per cent to close at N17.25 per share.
On the other hand, Neimeth led the losers’ table by 7.69 per cent to close at N1.80, Honeywell Flour followed by 6.10 per cent to close at N3.85 per share.
Sovereign Trust Insurance dropped 5.56 per cent to close at 51k, Deap Capital Management and Trust Plc declined by four per cent to close at 48k, and Ecobank Transnational Incorporated shed 3.72 per cent to close at N20.70 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 89.59 per cent.
A total of 636.50 million shares worth N12.77 billion was exchanged in 9,744 deals, in contrast to 449.21 million shares valued at N6.74 billion traded in 9,381 deals posted in the previous session.
Meanwhile, Access Corporation emerged as the most traded stock in volume, with 112.62 million shares worth N2.11 billion. Also, Guaranty Trust Holding Company (GTCO) led in value with 74.34 million shares valued at N3.34 billion.
Sectoral performances were predominantly bullish, with 4 out of 5 sectors closing in the green. The Banking (+0.97%), Insurance (+0.81%), Oil and Gas (+0.11%), and Industrial Goods (+0.11%) sectors saw positive returns due to buy interests in FBNH (+4.60%), VERITASKAP (+9.57%), OANDO (+9.98%), and WAPCO (+0.54%), respectively.
However, the consumer goods sector (-0.30%) declined due to selloffs in NESTLE (-1.81%).
Overall, the market capitalisation of listed equities, which opened at N55.033 trillion, advanced by 0.18 percent, or N97 billion, to N55.130 trillion.
