NGX Reflates By N138 Bln as Market Nears Resistance
The Nigerian Exchange (NGX) on Tuesday reflates performance with more than N138 billion daily gain on heavy demand for stocks as the equity market nears historical resistance levels seen in 2008.
Strong positioning was seen on the exchange, pushing buying interest higher while the local bourse halt the three consecutive days downtrend. Market data shows that 27 stocks share prices appreciate, resulting in improved year to date or month to date returns after sell down on Monday.
Consequently, the Nigerian Exchange by 256.23 basis points, representing an upturn of 0.58 per cent to close at 44,655.89 points, according to stockbrokers notes.
Overall, the equity market capitalisation inched higher strongly, rising by ₦138.05 billion to close at ₦24.06 trillion. In the meantime, the market activities were mixed as the total volume rose by 9.76 per cent while the total value traded plunged by 28.65 per cent as against the previous session.
A total sum of 235.23 million units valued at ₦1.92 billion was transacted in 4,151 deals, according to Atlass Portfolios Limited. Meanwhile, TRANSCORP maintained the led as the most traded stock in terms of volume, accounting for 16.20 per cent of the total volume of trades.
The company stock was followed closely by GTCO (7.96%), JAIZBANK (6.37%), ETI (6.16%) and FBNH (5.71%) to complete the top five on the volume chart. Trading data shows that GTCO emerged as the most traded stock in value terms, with 24.84 per cent of the total value of trades on the exchange.
SKYAVN topped the gainers’ chart with a price appreciation of 10.00 per cent. The aviation company stock was trailed by DANGSUGAR with a 7.35% price jump, ETERNA share price inches higher by 5.83% and BUAFOODS rises 4.21%.
Also, ETI share price grows 3.45%, ACCESS increased 2.11%, and BUACEMENT jumps 2.00%, CUSTODIAN edges forward by 1.40%, GTCO up 1.39%, NGXGROUP rises 1.29%, ZENITH BANK gains 0.78%, FLOURMILL appreciates by 0.18% and fifteen (15) other stocks gain.
On the contrary, thirteen (13) stocks declined in price, led by NEM with price depreciation of 8.33 percent to close at ₦3.63 as WAPIC (-3.92%), WEMABANK (-2.25%), TRANSCORP (-1.85%), CHIPLC (-1.43%), UBN (-0.88%) and WAPCO (-0.39%). At the end of transactions conducted at the local bourse today, market breadth closed positive, recording 27 gainers and 13 losers.
Overall, the market sector performance was broadly bullish as the four of the five sectors led by Banking (0.98%), Industrial Goods (0.79%), Consumer Goods (0.69%) and Oil & Gas (0.25%) grew as against the previous session. Meanwhile, the Insurance sector dipped by 1.61%.
Read: Bitcoin Nears $35,000 as Volume of Stablecoins Grow
The post NGX Reflates By N138 Bln as Market Nears Resistance appeared first on MarketForces Africa.