BUSINESS

NGX Pops Up As Stockholders Take Positions In Shares With Strong Fundamentals

 

The equities segment of the Nigerian Exchange (NGX) popped further on Thursday as a number of stockholders, investors take positions in shares of companies with strong fundamentals.

NewsBeatng reports that trading data from the local bourse shows that the Nigerian Exchange All-share inched up by 11 basis points to 49,898.88 points as against its previous close of 49,836.51 points.

Following the sustained buying interest, the stock market’s year-to-date return rose to 16.79% from its previous close of 16.67% as investors’ networth improved by N29 billion in the session.

Market capitalisation inched upward to N26.909 trillion, a 0.11% increase from the N26.880 trillion it stood at the end of the previous trading session.

Bulls’ camp maintains dominance over the market breadth with 14 counters in the gainers’ chart pitted against 12 counters in the losers’ chart, according to market analysts at APT Securities & Funds Limited.

PHARMDEKO gained 7.43% to become the best performing stock in the session, according to data from the local bourse.

The company was flanked by CHIPLC, UPDC, FCMB, and FIDELITYBK as they populated the top five gainers’ chart, APT market analysts said in a note. Today, MBENEFIT, CWG, TRANSCORP, LASACO, and STERLNBANK populated the top five losers’ chart.

Market activity as measured by both volume and value of trades waned in the session with daily traded volume standing at 229.121 million units, representing a 37.63% downtick from a volume of 367.301 million units traded in the previous session.

The value of those traded stocks dipped by 45.95% in the session to stand at N1.750 billion as against a value of N3.237 billion recorded in the previous trading session.

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The banking sector dominated the volume charts with STERLNBANK as the top traded stock by volume for the trading session.

This was followed by GTCO, FIDELITYBK, MBENEFIT, and ZENITH BANK to complete the list of the five most traded stocks by volume.

With regard to the value of traded stocks, GTCO took the lead among the top five performers. It is flanked by MTNN, ZENITH BANK, STERLNBANK, and SEPLAT.

Analysing by sectors, the Industrial Goods (+1.0%), Oil & Gas (+0.3%), and Consumer Goods (+0.1%) indices advanced, while the Insurance (-0.5%), and Banking (-0.4%) indices declined.

 

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