NGX Index rises by 21bps as FCMB, VFD Group list shares

Nigerian Exchange (NGX) All-share index (ASI) rose by 21 basis points as FCMB and VFD Group listed additional shares in the local bourse on Wednesday.

The local bourse opened the new month in positive territory, as key performance indicators showed mixed outcomes.

The NGX-ASI increased by 0.21%, while the market cap rose 0.46% due to a new listing.

The market welcomed the additional listing of 5,067,396,400 ordinary shares of 50 Kobo each of VFD Group, as well as the listing of 23,182,887,000 Ordinary Shares of 50 Kobo each arising from FCMB Group Plc’s Public Offer of 16,000,000,000 Ordinary Shares of 50 Kobo each at N10.00 per Share.

Specifically, the market index added 415.77 basis points in today’s trading session, reflecting a 0.21% increase to close at 201,703.55. Likewise, market capitalisation increased by ₦599.41 billion, or 0.46%, to ₦129.81 trillion.

Stockbrokers said the positive performance was triggered by sustained bargain hunting in selective medium and blue-chip stocks across key market sectors.

However, the total volume of all trades declined by 4.67%, while the total value traded increased by 23.15%.

In an investor’s note, Atlas Portfolio Limited said approximately 815.48 million units valued at ₦33,289.72 million were transacted across 52,641 deals.

WEMABANK topped the volume chart, accounting for 9.56% of total units executed in the local bourse, followed by GTCO (9.06%), ACCESSCORP (7.73%), FIRSTHOLDCO (7.31%), and ZENITHBANK (6.11%).

GTCO led the value chart, accounting for 26.97% of the total trade value. INTENEGINS led with a 9.91% gain, followed by RTBRISCOE (+8.81%), MBENEFIT (+7.58%), ZENITHBANK (+7.52%), GTCO (+7.37%), CILEASING (+6.92%), and 15 others.

A total of forty-one stocks depreciated. With a price depreciation of -10.00% each, OMATEK and NESTLE topped the worst performers’ chart, followed by FTNCOCOA (-9.97%), CHAMS (-9.79%), MAYBAKER (-9.74%), TIP (-9.52%), and SOVRENINS (-9.22%).

Hence, the market breadth closed on a negative note, with 21 gainers and 41 losers. The sectoral performance was positive, supported by investors’ positive sentiment.
The Banking sector increased by +3.21%, followed by the Insurance sector (+0.23%), and the Industrial goods sector (+0.01%). The Consumer