Investors See N304bn Gain as Nigerian Stocks Rally

Investors See N304bn Gain as Nigerian Stocks Rally

Investors saw about N304 billion gain as Nigerian stocks rally on Thursday following buying interest across Nigerian Exchange (NGX) key indices.

According to information obtained from the local bourse, the equities market performance indicators grew by +0.55%. Hence, year to date return advanced after short holiday to celebrate workers day.

Stockbrokers said Lagos bourse positive performance was a result of increased buying interest across all the major market sectors, led by the Banking sector, which grew by +3.20%, as investors gain ₦453 billion in two days.

Consequently, market index (All-Share Index) increased by 537.15 basis points today, representing a rise of +0.55% to close at 98,762.78, Atlass Portfolios Limited said in its market update.

Market activities ended on a mixed note, according to stockbrokers report. Total volume traded for today increased by +20.46%. The total value traded dropped by -62.86%.

Approximately 665.20 million units valued at ₦5,541.07 million were transacted in 8,446 deals, data from the Nigerian Exchange cited by stock analysts showed.

ABBEYBDS was the most traded stock in terms of volume, accounting for 54.57% of the total volume of trades. The mortgage bank was followed by ACCESSCORP (8.19%), VERITASKAP (5.83%), NB (4.69%), and TRANSCORP (4.00%) to complete the top 5 on the volume chart.

ACCESSCORP was the most traded stock in value terms, with 17.23% of the total value of trades on the exchange. PRESCO, and FLOURMILL topped the advancers’ chart with a price appreciation of 10.00 percent each.

The duo was trailed by STERLINGNG which gained +9.98%. Other gainers are: DANGSUGAR (+9.90%), FIDSON (+9.76%), JAIZBANK (+9.74%), WEMABANK (+9.52%), and twenty-two others.

Market data showed that fourteen stocks depreciated despite increase in market capitalisation. NASCON was the top loser, with a price depreciation of -9.99%.  Other losers are: OMATEK (-9.21%), NEIMETH (-9.09%), CUTIX (-7.74%), CHAMS (-7.45%), and OANDO (-6.74%).

Based on the trading pattern, the market breadth closed positive, recording 29 gainers and 14 losers. In addition, the market sector performance was positive.

All the five major market sectors closed positive.  The Banking sector grew by +3.20%, followed by the Oil & Gas sector which rose by +0.95%. The Insurance sector grew by +0.67%, the Consumer goods sector popped higher by +0.58%, and the Industrial sector advanced marginally by +0.01%.

Overall, the equities market capitalization of the Nigerian Exchange climbed by ₦303.79 billion, representing a growth of +0.55%, to close at ₦55.86 trillion. Inflation Pressures Facing Private Sector Ease in April -PMI
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