AS equities investors actively sought out bargains to maintain the upward trajectory witnessed after it broke out of the selling rallies, the Nigerian Exchange (NGX) rose substantially once more on Thursday.
The stock market then continued to rise for a third straight session as a result of increased buying interest in MTN Nigeria shares, recording a 3.9 percent increase in share price. This increase was aided by higher gains in the banking sector.
The Nigerian Exchange All-Share Index increased as a result, climbing 0.5 percent to 51,618.73 points. The year-to-date return increased to +20.8 percent, but the month-to-date loss moderated to -2.6 percent.
The value of the stock market rose by N130 billion to N27.828 trillion from N27.697 trillion the day before. 18 stocks increased while 22 stocks decreased, resulting in a negative market breadth.
First Bank of Nigeria (FBNH), which closed at N10.10 per share, topped the gainers’ chart in percentage terms by 9.78%. Following closely behind, FTNCocoa increased by 9.38% to close at 35k, and Chiplc increased by 8.06% to conclude at 67k per share.
Livestock and Union Bank of Nigeria (UBN) both increased by 6.94% and 6.19%, respectively, to close at N1.54 and N6%. On the other hand, Academy and EllahLake, which closed at N1.17 and N3.94 per share, respectively, respectively lead the losers’ chart in percentage terms by 10% and 9%.
To settle at N165 per share, Presco lost 9.84 percent. Meyer lost 9.68% to settle at N2.52 per share, while ETranzact lost 9.84% to close at N2.20 per share. The total volume of trades rose from the previous day’s 229.37 million units to 223.25 million units today.
Additionally, there were 4,028 transactions worth a total of N2.86 billion in trading. With 40.13 million shares changing hands for N10.03 million, transactions in Mutual Benefits Assurance shares topped the volume list.
First City Monument Bank (FCMB) traded 24.45 million shares valued at N85.57 million, Oando traded 28.52 million shares worth N168.94 million, and Oando traded 28.52 million shares. While FBNH exchanged 12.36 million shares for N121.77 million, Accesscorp traded 24.1 million shares worth N229.02 million.
According to stock market data from the Nigerian Exchange, sectoral performance was generally favorable. The oil and gas sector increased by 0.5 percent, the banking indices by 0.2 percent, and the insurance sector by 0.7 percent. The Industrial Goods index closed unchanged, while the Consumer Goods index dropped 0.3%.
