NGX Stops Losing Streaks With N370bn Profit

Stock Exchange Closes Trading Week With N30bn Gain

The Nigerian Exchange (NGX) stock market ended its three-day losing run on Thursday, posting a daily gain of N370 billion. For the first time this week, the market showed purchasing activity in oil and gas and financial companies, closing in the green area.

As investors assessed the effects of an interest rate hike and inflation expectations for investment assets, the stock market performance indicators increased by +0.68% as a result of favorable price movements.

Atlass Portfolios Limited stated in its market update that bargain hunting in lately depreciated medium- and large-scale equities, like GTCO, UBA, OANDO, and others, was the reason behind the bourse upturn.

Today, the market index, also known as the Nigerian Exchange All-Share Index, rose by 677.73 basis points, or +0.68%, to close at 99,980.30. Now, market activities are inching higher, according to stockbrokers. Total volume and total value traded for the day increased by +37.03% and +49.27%, respectively.

Atlass Portfolios Limited told investors in its note that approximately 542.95 million units valued at ₦8,696.78 million were transacted in 9,650 deals. UBA was the most traded stock in terms of volume, accounting for 17.28% of the total volume of trades.

The pan-African lender was followed by TRANSCORP (9.97%), JAPAULGOLD (6.33%), STERLINGNG (5.25%), and FIDELITYBK (5.00%) to complete the top 5 on the volume chart.

Likewise, UBA was also the most traded stock in value terms, with 23.78% of the total value of trades on the exchange. GTCO, JULI, UBA, and NEM topped the advancers’ chart for today with a price appreciation of 10.00 per cent each.

These stocks were trailed by CHAMPION with (+9.97%) growth, CONHALLPLC (+9.92%), STERLINGNG (+9.90%), JAPAULGOLD (+9.85%), UACN (+9.76%), and twenty-seven others. ‘>>> Naira Rises by 19% as Forex Market Pressures Ease

Nineteen stocks depreciated, data from the local bourse showed. Sunuasur was the top loser, with a price depreciation of -10.00%. Other stocks on the loser chart included: ETERNA (-9.81%), CADBURY (-9.52%), NESTLE (-9.09%), MANSARD (-5.66%), and FLOURMILL (-4.53%).

Based on this trend, the market breadth closed positive, recording just 37 gainers and 19 losers. In addition, the market sector performance was par, as two of the five major market sectors were up, led by the banking sector.

The banking index grew by +6.14%, followed by the insurance sector, which grew by +1.26%, while the oil and gas and consumer goods sectors were down by -0.33% and -0.18%, respectively. The industrial sector closed flat. Overall, equities market capitalization advanced by ₦370.42 billion, representing a growth of +0.68%, to close at ₦54.71 trillion.

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