The Nigerian Exchange (NGX) stopped its two-day downward trend, bringing profits to equity investors of about N132 billion. Notable gains were made in STANBIC (+9.6%), ZENITH (+2.8%), and FIDELITY (+8.0%), among other stocks.
Consequently, the year-to-date return rose from yesterday’s 32.5% to 32.8%. Activity level dropped as volume and value traded fell 11.3% and 36.5% to 308.1 million units and ₦4.9 billion, respectively, based on the trading pattern.
The market index rose by 233.36 basis points, or 0.24%, according to stockbrokers, closing at 99,284.38. The recovery came as some banking equities saw interest from late buyers.
The market witnessed selloffs during intraday sessions. However, this was upturned by buying interest in Stanbic and Zenith and reversing trade in Fidelity Bank Plc. Top gainers include: ETERNA (9.80%), REDSTAREX (9.76%) and STANBIC (9.62%). INTBREW (+7.84%), MANSARD (+7.00%), and twelve others.
The losers chart was led by OANDO (-9.86%), LINKASSURE (-9.41%), SOVRENINS (-8.70%), VERITASKAP (-8.70%), REGALINS (-7.32%), FTNCOCOA (-6.96%), and TRANSCORP (-2.74%)
Activity level decreased as 308.13 million units of shares valued at N4.86 billion were exchanged in 7,690 deals compared to the last trading session where 347.39 million units of shares valued at N7.65 billion was exchanged in 8,122 deals.
FIDELITYBK topped both the value and volume charts with 84.05 million units of shares valued at N883.21 million. On the sectoral front, the Banking index rose by 2.5%, spurred by buy interest in STANBIC (+9.6%) and ZENITH (+2.8%).
Following, the Oil & Gas and Consumer Goods indices gained 0.3% and 0.2%, respectively, buoyed by price upticks in ETERNA (+9.8%), INTBREW (+7.8%) and NESTLE (+0.6%). On the flip side, selloffs on NEM (-5.9%), WAPIC (-8.6%) and CUTIX (-6.9%) dragged the Insurance and Industrial Goods indices down 1.5% and 1bp, respectively.
Investor sentiment, as measured by market breadth, weakened to -0.10x as 18 stocks advanced, 26 declined, and 80 closed flat. The market registered 18 gainers and 24 losers. Overall, the Nigerian Exchange equities market capitalization surged by N132.01 billion to close at approximately N56.16 trillion.
