Bulls resurface at NGX as Equities investors gain N358.05bn

Equities trading at the Nigerian Exchange Limited (NGX) bounced back on Wednesday after previous session losses, as the benchmark Index of the local bourse surged 0.98 per cent to close at 67,414.40 basis points.

Basically, renewed investor interests in Tier-1 bank, Zenith Bank, Guaranty Trust Holding Company (GTCO) and Access Holdings pushed the broader index into positive terrain as these banking stocks enjoyed rally to appreciat in share prices by 0.74 per cent, 6.00 per cent and 9.77 per cent, respectively.

Consequently, the Month-to-Date and Year-to-Date returns increased to +1.3 per cent and +31.5 per cent, respectively

As a result of the bullish outing, equities investors gained N358.05 billion as the market capitalization settled higher at N36.90 trillion by the end of the day’s trading sessions.

As measured by market breadth, market sentiment was positive as 34 tickers gained relative to 23 losers. On the performance board, Dangote Sugar and Nascon topped the gainers’ list after their share prices appreciated by 10.0 per cent, respectively; while Courtville and ABC Transport recorded the highest losses of the day having dipped in share prices by 10.0 per cent and 9.8 per cent, respectively.

Given the bullish momentum, the NGX Banking, NGX Insurance, and NGX Consumer Goods indexes rose by 4.58 per cent, 2.27 per cent and 1.27 per cent, respectively. However, the NGX Oil/Gas and NGX Industrial indices fell by 0.12 per cent and 0.03 per cent respectively.

Despite the positive outing on Wednesday, activities at NGX was unimpressive as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 21.04 per cent. A total of 569.63 million shares valued at N8.70 billion were exchanged in 8,404 deals.

Oando led the volume and value charts with 143.45 million units traded in deals worth N1.40 billion.

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