Equity investors gain N521bn as NGX reverses losses

The equity investors gained N512 billion on the Nigerian Exchange (NGX) as the local bourse stopped three straight days of losses that plunged key performance indicators down. The market closed on a positive note ahead of the Eid -ul Mawlid holiday, as key market performance indicators advanced by 0.60% on Thursday. The NGX recovery was supported by renewed buying interest in recently moderated medium and large cap stocks, such as ELLAHLAKES, HONYFLOUR, AIICO, TRANSCORP, among others across major sectors.
Specifically, the All-share index added 823.67 basis points to close at 138,980.83. Hence, stock market Capitalization surged by ₦521.15 billion to ₦87.94 trillion. However, market activities were mixed today as the total volume of all trades executed in the local bourse surged by +273.96%, while the total value dropped by -20.21%. In a note, Atlass Portfolio Limited told investors that approximately 1,805.33 million units valued at ₦15,696.39 million were transacted across 24,397 deals. In terms of volume, SOVRENINS led the activity chart, accounting for 77.91% of the total volume of traded in the local bourse, followed by NB (2.27%), FIDELITYBK (1.68%), ZENITHBANK (1.45%), and UNIVINSURE (1.33%), rounding out the top five.
SOVRENINS also emerged as the most traded stock in value terms, accounting for 26.40% of the total value of all trades executed on the exchange. ELLAHALAKES and VERITASKAP topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by HONYFLOUR (+9.95%), ROYALEX (+9.94%), MANSARD (+9.94%), PRESTIGE (+9.88%), INTBREW (+9.82%) and thirty-four others. Twelve stocks depreciated, according to market update. AUSTINLAZ was the top loser, with a price depreciation of -9.75%, trailed by NEIMETH (-8.33%), CHAMPION (-4.15%), UNILEVER (-4.11%), TANTALIZER (-3.36%), and STERLINGNG (-0.66%).
Given the trading direction, the market breadth closed largely positive, recording 41 gainers and 12 losers. In addition, the market sectoral performance was positive. The Insurance sector appreciated by +6.73%, followed by the Consumer goods with an increase of +1.54%,  the Banking sector gained +0.98%, and the Oil & Gas sector posted a marginal gain of +0.03%. The Industrial sector closed flat