NGX Breaks Resistance with N417 Bln Gain, Index Spikes
The Nigerian bourse is reverting to a level spotted last in 2008 as the market index crossed 45,000 points – a resistance point- and still edging forward ahead of dividend announcements on the Exchange (NGX).
Today, the equity market records a whooping N417 billion capital gain due to investors positioning in Airtel Africa and fifteen other stocks.
Consequent to the bargain hunting, stock market indicators edge forward by 1.73 per cent as a year to date, which is also equal to a month to date return rise to 6.4%.
Domestic bourse momentum was driven by the price appreciation in some market bellwethers including Telecom and Oil/Gas stocks like Airet Africa Plc, SEPLAT and 14 others.
Overall, the Nigerian Exchange rose by 774.25 basis points, representing an uptrend of 1.73 per cent to close at 45,430.14 points midweek.
Equity market capitalisation inched higher by ₦417.16 billion to close at ₦24.48 trillion. Similarly, the market activities were broadly positive as the total volume and value traded climbed by 7.53 per cent and 365.37 per cent, respectively.
A total sum of 252.94 million units valued at ₦8.93 billion was transacted in 4,218 deals, according to market data. GTCO led the most traded stock in terms of volume, accounting for 10.07 per cent of the total volume of trades.
The bank stock was followed closely by DANGCEM 9.67%), FBNH (9.13%), FIDELITYBK (8.36%) and FCMB (5.11%) to complete the top five on the volume chart.
Today, the shares of the largest company by valuation, DANGCEM, emerged as the most traded stock in value terms, with 72.62 per cent of the total value of trades on the exchange.
However, AIRTELAFRI topped the gainers’ chart with price appreciation of 10.00 per cent, trailed by UBN (4.46%), SEPLAT (4.36%), MAYBAKER (1.16%) and GLAXOSMITH (0.84%).
Other gainers include AFRIPRUD (0.78%), ACCESS (0.52%), ZENITHABNK (0.39%) and eight (8) others. A total of seventeen (17) stocks declined in price, led by FTNCOCA with a price depreciation of 7.69 per cent to close at ₦0.36.
JAPAULGOLD share price shed 4.76%, NGXGROUP lost 3.05%, TRANSCORP fell by 2.83%), LIVESTOCK bumped 1.40%, UCAP slipped 0.90%, HONYFLOUR pullback 0.59%, ETI slowdown by 0.56% and GTCO slumped 0.20%.
Despite the positive momentum, the market breadth closed relatively negative, recording 16 gainers and 17 losers. NGX sector performance was relatively positive as the three of the five sectors led by Oil & Gas (2.21%), Insurance (0.59%) and Banking (0.50%) grew as against the previous session.
Meanwhile, the Consumer Goods shed 0.02%, leaving the Industrial Goods sector unchanged. #NGX Breaks Resistance with N417 Bln Gain, Index Spikes >> Read: T-Bill Sheds Points, Interbank Rates Jump as Naira Breaks Resistance
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