Home Sectors BUSINESS & ECONOMY NGX Up By N102bn Over Heavy Bargain Hunting

NGX Up By N102bn Over Heavy Bargain Hunting

Capital Market Goes Green Ahead Of 2022 Corporate Earnings
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Following a sharp increase in headline inflation, there was intense bargain hunting, which led to a substantial gain of more than N102 billion in the stocks division of the Nigerian Exchange (NGX).

Investors in equities responded to the rising inflation rate more quickly as the need to protect against exposure to naira assets dominated conversations on the Broadstreet.

The bullish run increased important performance markers. According to market statistics, the NGX All share index increased significantly while the year-to-date return skyrocketed.

According to information from the local stock exchange, the return increased slightly to +2.28% while investor wealth increased by 102 billion yen. The All-Share Index jumped 188.04 basis points, or +0.36%, to finish the day at 52,419.33 points.

The overall volume traded for the day decreased by -7.91%, but the total value exchanged for the day increased by +21.25%, according to stockbrokers, who noted that market activity was mixed.

Investors were informed by Atlass Portfolios Limited in a market brief that 6.143 trades totaling about 576.85 million units valued at $6,789.55 million had been completed.

With 16.35% of the total volume of transactions, Tier 1 lender UBA had the most actively traded stock.

Following the Pan African bank in the top 5 on the volume chart were TRANSCORP (14.98%), ACCESSCORP (10.82%), ZENITHBANK (9.95%), and FBNH (8.22%).

With 20.68% of the total value of trades on the market, ZENITHBANK was the most actively traded stock at the time.

With a price increase of 9.97 percent, NB headed the list of advancers, followed by FTNCOCOA (9.68%), SOVRENINS (9.52%), CORNERST (+8.82%), TRANSCORP (+7.75%), and twenty-one other stocks.

There were 19 declining equities, with CWG being the biggest loss with a price decline of -9.63% to close at $1.69. Price declines were also seen for COURTVILLE (-6.52%), ARDOVA (-6.06%), GLAXOSMITH (-4.41%), and ROYALEX (-4.00%).

Trading data from the local exchange reveals that sector performance concluded positively while the market breadth closed with 26 gainers and 19 losers.

Four of the five major market sectors were up, led by the Insurance sector (+3.19%), followed by the Banking sector (+1.10%), the Consumer goods sector (+1.10%), and the Industrial sector (+0.06%).

The Oil & Gas sector dropped by -0.72%. Overall, the equities market capitalisation advanced by ₦102.38 billion, representing a growth of +0.36% to close at ₦28,542.64 trillion from ₦28,440.26 trillion the previous day.

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