NGX Adds Weight as Investors Position in Financial Stocks

NGX Adds Weight as Investors Position in Financial Stocks

The Nigerian Exchange (NGX) adds weight again on Wednesday as equity investors pump money into the financial stocks ahead of the third-quarter earnings season. Key transactions at the local bourse took place in the banking sector where big banks shares were traded heavily.

Investors, analysts maintain a positive outlook with the ongoing rally in the equity space amidst projection that Nigeria’s headline inflation rate will drop further and negative real return in the fixed income market.

Today, the market indicators rose by 0.38 per cent as the year to date returns improve following price appreciation in financial service stocks.

However, stocks pickers at Atlass Portfolios limited said in a market report that the positive return was driven by price appreciation in all of the five major sectors in the market.

All-Share Index increased by 154.23 basis points, representing a growth of 0.38 per cent to close at 41,051.19 points.

Consequently, consolidating on yesterday’s uptrend, the stock market capitalisation gained ₦80.36 billion to close at ₦21.39 trillion.

Meanwhile, market activities traded negatively following the 20.88 per cent and 12.36 per cent decline in the total volume and value traded, respectively, as 466.17 million units of shares valued at ₦4.47 billion were transacted in 4,704 Deals.

However, FBNH outdid the traded stocks in terms of volume, accounting for 33.25 per cent of the total volume of trades, maintaining the position as the most trading stock, followed by UNIVINSURE (10.35%), ETI (9.54%), GTCO (7.31%), and FIDELITYBK (4.42%) to complete the top five on the volume chart.

Also, FBNH appeared as the most traded stock in value terms, with 37.44 per cent of the total value of trades on the exchange.

On the profitability list, TRANSCOHOT led the gainers’ chart to emerge as the most profitable stock, with price appreciation of 9.94 per cent, trailed by OKOMUOIL (9.09%), STERKNBANK (4.79%), UBA (3.11%), FBNH (2.82%), WAPCO (2.49%), ACCESS (2.08%), NASCON (1.97%), STANBIC (0.79%), UCAP (1.67%), DANGSUGAR (1.14%) GTCO (1.06%) ZENITH BANK (1.02%) and 16 others.

On the contrary, FTNCOCOA topped the losers’ chart as its share price dipped by 8.00 per cent to close at ₦0.0.46, as CHAMS (-4.17%), WEMABANK (-3.95%), AFRIPRUD (-1.54%), and ETI (-0.68%) amongst others also declined in price.

Stock market breadth closed largely positive, recording 29 gainers and 14 losers. #NGX Adds Weight as Investors Position in Financial Stocks