NGX Equities Market Increases By N70bn As BUA, MTNN Rally

Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

The market value of BUA Cement plc and MTN Nigeria Plc shares surged during the first trading session of the new week, resulting in a gain of over N70 billion for the Nigerian equities market.

The Nigerian Exchange index increased by +0.18% as a result of the favorable price movement in these two bellwethers. The trading result, which boosted key performance indicators, showed that Alpha hunters bought MTNN and BUACEMENT before of the company’s fourth-quarter reporting. As a result, the return for the year thus far increased to 39.84%.

The market index, or All-Share Index, rose by 128.17 basis points today, or +0.18%, to end at 71,669.91 thanks to purchasing activity, according to stockbrokers.

But since the overall volume and total value traded fell by -25.51% and -46.53%, respectively, market activity declined. Atlass Portfolios Limited stated in its market note that 7,011 trades involved the transacting of about 375.32 million units valued at ₦3,853.49 million.

With 23.88% of all transactions, VERITASKAP was the most traded stock. The top 5 stocks on the volume chart were completed by UNIVINSURE (11.93%), ACCESSCORP (8.16%), FIDELITYBK (6.38%), and UBA (3.46%).

With 16.01% of all transactions on the market, ACCESSCORP was the most traded stock in terms of value. With a price increase of 9.88%, ETI topped the advancers’ chart.

The Pan African lender was trailed by DEAPCAP (9.84%), SCOA (+9.63%), INFINITY (+9.60%), UPL (+8.94%), and twenty-four others.

Twenty-two stocks depreciated, according to stockbrokers’ notes. RTBRISCOE was the top loser, with a price depreciation of -9.68%. Also leading the loser chart were: NSLTECH (-9.33%), NEM (-9.32%), NNFM (-8.44%), MECURE (-7.69%), and JAIZBANK (-3.13%).

Given the trading pattern, the market breadth closed positive, recording 29 gainers and 22 losers. Data from the Nigerian Exchange showed that market sector performance was positive, as three of the five major market sectors closed in the green.

The banking sector grew by +1.59%, followed by the Industrial sector which grew by +0.21%. The Consumer goods sector grew by +0.03%, while the Insurance sector was down by -0.21%. The Oil and gas sector closed flat.

Overall, the equities market jumped higher by ₦70.14 billion, representing a growth of +0.18%, to close at ₦39.22 trillion from ₦39.15 trillion last Friday.

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