Equities market opens week bullish as ASI adds 0.2%

November 27, 2023

Equities trading at the Nigerian Exchange Limited (NGX) begins the week on a positive note as bargain hunting in some stocks pushed the benchmark higher.

Accordingly, the NGX-All Share Index (ASI) notched higher by 0.2 percent to close at 71,353.81 basis points, with the Month-to- Date (MtD) and Year-to-Date (YtD) returns increasing to +3.1 percent and +39.2 percent, respectively.

Basically, sustained buy interests in Zenith Bank, United Bank for Africa and Access Holdings buoyed the market performance leaving the share prices io these banking stocks higher by 1.73 percent, 1.44 percent and 4.32 percent, respectively.

With the bullish trading outing on Monday, equities investors earned N132.43 billion cumulatively as the market capitalisation settled higher at N39.04 trillion.

As measured by market breadth, market sentiment was positive, as 32 tickers gained relative to 20 losers. John Holt and Tantalizer recorded the most significant gains of the day after their respective share prices appreciated by 10.0 percent, while e-Tranzact and Umitet Bank topped the losers’ list having dipped in share value by 9.5 percent and 9.2 percent, respectively.

On sectors, the Banking index gained while the Consumer Goods index declined. Meanwhile, the Industrial Goods, Insurance and Oil & Gas indices all closed flat.

Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 39.21 percent. A total of 746.67 million shares valued at N5.95 billion were exchanged in 9,267 deals.

Universal Insurance led the volume chart with 46.83 million units traded while Access Holdings led the value chart in deals worth N1.47 billion.

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