NGX Soares High As Banking And Telecom Stocks Rally

H1 2023: APT, Cardinal Stone, 8 Others Record N829.96bn Transactions On NGX

Following strong purchasing activity in mid and big company shares on the home market on Wednesday, the Nigerian Exchange’s (NGX) equity section increased significantly, erasing two days of losses.

Investors earned N184 billion or 0.71 percent as a result of today’s haggling, closing at N25.959 trillion as opposed to N25.775 trillion on Tuesday.

The overall volume and total value traded for the day decreased by -11.52% and -19.97%, respectively, according to stockbrokers, indicating that market activity was down.

The All-Share Index (ASI) increased by 337.07 points, or 0.71 percent, to reach 47,660.04 from the previous session’s reading of 47,322.97. Gains in the equities of Zenith Bank, Guaranty Trust Holding Company, and MTN Nigeria were the main factors behind the rebound.

The year-to-date (YTD) return increased to 11.57% as a consequence. 18 equities closed with gains, while four stocks ended with losses, for a positive market breadth. Naira strengthens against the dollar at the official FX window

Wema Bank was the top gainer, up 10% to a closing share price of N3.30. UAC of Nigeria came in second, rising 9.5% to close at N10.50, while Academy Press increased 9.45% to settle at N1.39 a share. By 8.10%, United Capital increased its share price to N13.35. ABC Transport increased by 8% to settle at $27.00 per share.

However, the laggard’s table was headed by Royal Exchange Assurance, which declined by 10% per cent to close at 63k per share. Red Star Express followed with a loss of 79.25 per cent to close at N2.06, while Prestige Assurance declined by 8.51 per cent to close at 43k. Also, Nigerian Breweries depreciated by 7.08 per cent to close at N42 per share. RTBriscoe fell by 6.90 per cent to close at 27k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.97 per cent. A total of 107.02 million shares valued at N1.32 billion were exchanged in 3,227 deals

Overall, the market sector performance closed negative, as two out of the five major market sectors declined, which includes the Consumer goods sector (- 0.79%), and the Insurance sector (-0.59%), while the Banking sector grew by +1.79%.

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