Investors Gain N132bn as Nigerian Bourse Halts Downturn

Equities investors gain more than N132 billion as Nigerian Exchange (NGX) halted its two day downtrend due to gains in STANBIC (+9.6%), ZENITH (+2.8%), and FIDELITY (+8.0%) among others.

As a result, year-to-date return increased to 32.8% from 32.5% yesterday. Based on the trading pattern, activity level weakened as volume and value traded declined 11.3% and 36.5% to 308.1 million units and ₦4.9 billion, respectively

Stockbrokers reported that market index increased by 233.36 basis points, indicating a 0.24% gain, to close at 99,284.38. The improvement followed late buying interest in some banking stocks.

The market witnessed selloffs during intraday sessions. However, this was upturned by buying interest in Stanbic, Zenith and reversing trade in Fidelity Bank Plc. Top gainers include: ETERNA (9.80%), REDSTAREX (9.76%) and STANBIC (9.62%). INTBREW (+7.84%), MANSARD (+7.00%), and twelve others.

The losers chart was led by OANDO (-9.86%), LINKASSURE (-9.41%) and SOVRENINS (-8.70%), VERITASKAP (-8.70%), REGALINS (-7.32%), FTNCOCOA (-6.96%), and TRANSCORP (-2.74%)

Activity level decreased as 308.13 million units of shares valued at N4.86 billion were exchanged in 7,690 deals compared to the last trading session where 347.39 million units of shares valued at N7.65 billion was exchanged in 8,122 deals.

FIDELITYBK topped both the value and volume charts with 84.05 million units of shares valued at N883.21 million.  On the sectoral front, the Banking index rose by 2.5%, spurred by buy interest in STANBIC (+9.6%) and ZENITH (+2.8%).

Following, the Oil & Gas and Consumer Goods indices gained 0.3% and 0.2%, respectively, buoyed by price upticks in ETERNA (+9.8%), INTBREW (+7.8%) and NESTLE (+0.6%). On the flip side, selloffs on NEM (-5.9%), WAPIC (-8.6%) and CUTIX (-6.9%) dragged the Insurance and Industrial Goods indices down 1.5% and 1bp, respectively.

Investor sentiment, as measured by market breadth, weakened to -0.10x, as 18 stocks advanced, 26 declined, and 80 closed flat. The market registered 18 gainers and 24 losers. Overall, the Nigerian Exchange equities market capitalization surged by N132.01 billion to close at approximately N56.16 trillion. #Investors Gain N132bn as Nigerian Bourse Halts Downturn Selloffs Provoke Spike in Nigerian Treasury Bills Yield
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