With a share price increase of 8.9%, helped by purchasing activity from Oando Plc, the equity division of the Nigerian Exchange (NGX) continued its positive performance after bargain-hunting in MTN Nigeria.
After the takeover ambitions of its major shareholder, Oando’s stock price increased by 10%, while SUNUASSUR increased by 9.1%. Market data demonstrates that strong momentum from heavily weighted listed stocks mitigates the effects of selloffs, including those experienced in PZ and CHAMs.
The largest losses of the day were recorded by PZ, which fell 5.9%, and CHAMS, which fell 4.2%. The All-Share Index thus increased by 1.5% to finish at 54,413.21 points.
According to information from the equities division of the Nigerian Exchange, the year-to-date return increased to 6.17% as investor wealth increased by around N441 billion. The overall volume and total value traded for the day both climbed by +312.44% and +29.71%, according to stockbrokers, indicating that market activity was higher.
According to Atlass Portfolios Limited’s market report, 3,718 trades included around 973.64 million units valued at $4,227.16 million. At 63.37% of the total amount of transactions, TRANSCORP was the stock that was most actively traded.
The top 5 on the volume list were completed by the corporation, FIDELITYBK (19.94%), UBA (2.24%), ZENITH BANK (1.95%), and OANDO (1.46%). With 21.63% of the total value of trades executed on the floor of the Nigerian Exchange., FIDELITYBK was the most actively traded stock.
Today, Oando topped the advancers’ chart with a price appreciation of 9.98 per cent, trailed by SUNUASSUR whose share price popped up by 9.09%. The share price of MTNN gained 8.89%, CHIPLC advanced by 8.77%, and ROYALEX advanced by 8.70% in addition to eighteen other stocks, mostly lightweights.
Nine stocks depreciated, data from the exchange showed. PZ was the top loser, with a price depreciation of 5.88% followed close by CHAMS which lost 4.17%, UNILEVER shed 3.57%, JAPAULGOLD fell by 3.45%, and AIICO dipped by 3.33%.
Given the trading pattern, the market breadth closed positive, recording 23 gainers and 9 losers while the market sector performance closed positive. Stockbrokers reported that three of the five major market sectors were up.
The NGX banking index rose by +1%, followed by the NGX Insurance Index with a 0.55% gain. Also, the Industrial index was 0.02%, supported by positive price movement in Royal Exchange, SUNU Assurance.
On the other hand, the Consumer goods sector dropped slightly by 0.02% on account of the price down Unilever Nigeria while the Oil & Gas index closed flattish.
Overall, stock market capitalisation inched higher by ₦440.93 billion to close at ₦29,642.21 trillion from ₦29,201.28 trillion the previous day.
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