Equities Investors See N131bn Gain as FBNH, GUINNESS Rally

Equities investors recorded more than N131 billion daily gain on Wednesday in the Nigerian Exchange (NGX) following sustained buying interest in heavyweight and some lightweight stocks. 

Consequent to the bargain hunting, the NGX key performance indicators advanced by +0.23% while year to date return expanded against annual inflation rate. Major drivers of the gain recorded in the market are FBNH, GUINNESS, WAPCO, and others, resulting in investors’ wealth increasing by ₦157 billion in two days.

The market index Index,l-Share Index rose by 231.71 basis points, representing a rise of +0.23% to close at 100,299.48 points, stockbrokers at Atlass Portfolios Limited said in an update

Trading activities in the equities market ended on a mixed note. Details showed that total volume traded for the day dropping by -6.41%, while the total value traded increased by +15.47%. Stockbrokers stated that approximately 342.20 million units valued at ₦4,752.88 million were transacted across 7,592 deals.

FIDELITYBK was the most traded stock in terms of volume, accounting for 40.42% of the total volume of trades. The tie-2 lender, which is in the market to raise capital from rights issues, was followed by AIICO which accounted for 4.38% of trade volume.

Other volume drivers are: ACCESSCORP (4.37%), CORNERST (2.76%), and GTCO (2.74%).  FIDELITYBK also emerged as the most traded stock in value terms, with 29.91% of the total value of trades on the exchange.

CORNERST topped the advancers’ chart for today with a price appreciation of 9.57 percent. Other gainers include RTBRISCOE which gained 9.38%, IMG (+9.24%), CAVERTON (+6.92%), DEAPCAP (+5.56%), GUINEAINS (+5.41%), and twenty-two others.

Today, nineteen stocks depreciated, stockbrokers said in their separate reports. UPL was the top loser, with a price depreciation of -10.00%. Other decliners are DAARCOMM (-5.88%), OMATEK (-5.80%), NEIMETH (-5.63%), OANDO (-2.76%), and DANGSUGAR (-1.19%). At the close of the trading session, the market breadth ended positive, recording 28 gainers and 19 losers.

In addition, the NGX sectorial performance was positive. Four out of the five sectors ended in green following rapid buying interest. The insurance sector grew by +2.67%, followed by the banking sector which surged by +1.71%.

The Industrial sector rose by 0.17% while the Consumer goods sector advanced by 0.03%. The Oil & Gas sector closed flat. Overall, the equities market capitalisation of the Nigerian Exchange gained ₦131.08 billion to close at ₦56.74 trillion. #Equities Investors See N131bn Gain as FBNH, GUINNESS Rally Reforms: Fitch Revises Nigeria’s Outlook to PositiveThe post Equities Investors See N131bn Gain as FBNH, GUINNESS Rally appeared first on MarketForces Africa.