NGX: Bulls maintain grip as investors gain N1.14trn
The Nigerian equities market at midweek sustained its bullish sentiment as investors bargain hunting drives market breadth upward by 2,092.88 points.
As a result, the market NGX All Share index rose further by 2.38 percent to close at 90,063.25 points, above the 87,970.37 basis points recorded in the previous session.
Hence the year-to-date gain of the NGX ASI rose to 20.45 percent, while the market capitalization gained N1.14 trillion to close at N49.28 trillion.
A total of 48 stocks recorded gains, a higher number than 35 losers. Specifically, stocks such as AIICO, GUINNESS, HONEY FLOUR, SUNO SASUR and WEMA BANK posted a significant share price appreciation of 10 percent respectively and emerged as the top gainers for the day.
On the other hand, RTBRISCOE, DANGSUGAR, NGXGROUP, REDSTAREX and STERLINGNG suffered losses of 10.00 percent, 9.95 percent, 9.84 percent, 9.47 percent and 9.09 percent, respectively.
Meanwhile, market activity showed further improvement with total deals, volume and value increasing by 17.77 percent, 19.25 percent and 2.08 percent to 17,471 trades, 1.29 billion units and N16.38 billion, respectively.
Across the sectors, performance remained relatively positive among the sub-sector gauges tracked, with the exception of the Banking sector which was the only laggard, thus declining by 3.26 percent. However, the Insurance, Consumer Goods, Oil/Gas and Industrial Goods indexes recorded gains of 3.63 percent, 1.92 percent, 0.45 percent and 8.76 percent, respectively.
At the close of the session’s trade, STERLINGNG was the most traded security in terms of volume with 106.14 million units worth N800.26 million, across 838 trades, while NB led in traded value at N2.02 billion.