Banking, Consumer Goods Stocks rally drives NGX rebound

Buying interest in banking and consumer goods stocks drove the Nigerian Exchange (NGX) All-Share Index higher on Friday after the previous day’s sell pressure.

The local bourse rebounded amidst mixed sentiment after the inflation figure that was released on Thursday. 

Trading data showed that lightweight stocks recorded positive price movements, pushing year-to-date return higher slightly.
With the trade direction, the Nigerian stock market ended the week on a positive note, concluding the week’s trading with the All-Share Index inching up 0.04% to 166,129.50 points.

Trading metrics weakened broadly as share volume tumbled 47.82% to 539.88 million units, transaction value decreased 47.08% to N16.72 billion, and deal count fell 6.25% to 48,023 transactions.

 Notably, ZENITHBANK topped both the volume and value charts with 54.5 million units (10.1% of total volume) trading on the board for trades worth N3.8 billion (22.7% of total value). 

Stockbrokers reported that market capitalisation surged by N30.46 billion to N106.35 trillion. Stockbrokers reported that market sentiment was bullish at 1.7x, with 43 advancing stocks outpacing 26 declining counters.

REDSTAREX, NCR, SCOA, OMATEK, and DEAPCAP emerged as top performers, whereas MCNICHOLS, LEGENDINT, CORNERST, CILEASING, and AUSTINLAZ recorded the largest losses.

Sectoral activity was divergent: Insurance led gains with a 0.41% rally, followed by Banking rising 0.38% and Consumer Goods increasing 0.14%. In contrast, Industrial topped decliners with a 0.26% decline, followed by Oil & Gas slipping 0.14%, while Commodity remained unchanged.