NGX: Equities investors earn N65bn as market halts bearish trend

The Nigerian equities market on Wednesday halts previous losses to close with a 0.25 per cent appreciation in the benchmark index.

At the Nigerian Exchange Limited (NGX), the All Share Index (ASI) gained 22 basis points(bps) to settle at 48,675.33bps as against its previous close of 48,567.14bps.

This outing fixed both the month-to-date and year-to-date performance of the All-Share Index at -3.36 per cent and 13.95 per cent from their previous close of -3.58 per cent and 13.70 per cent respectively.

Investors,, earned N65 billion as the market capitalisation followed suit the direction of the ASI to stand at N26.254 trillion, representing a 0.25 per cent increase from the N26.189 trillion it stood at the end of the previous trading session.

Bulls’ camp took dominance over the market breadth with 16 counters in the gainers’ chart pitted against 11 counters in the losers’ chart.

NEM Insurance gained 10.00 per cent to become the best performing stock in the session, flanked by Stanbic IBTC, Ecobank Transnational Incorporated, Cutix and Japaul Gold. From the rear of the chart, Fidson Pharmaceutical, FTN Cocoa, Unity Bank, FCMB and AIICO Insurance populated the top five losers’ charts.

All sectoral indices closed in the same direction as the ASI, with the NGX Insurance sector gaining the most weight in the session, while NGX Growth and NGX ASEM sectors closed flat.

Market activity as measured by the volume of trades waned in the session with daily traded volume standing at 167.569 million units, representing a 17.92 per cent drop from a volume of 204.153 million units traded in the previous session.

The value of those traded stocks on the other hand improved by 5.98 per cent in the session to stand at N3.374 billion as against a value of N3.183 billion recorded in the previous trading session.

The banking sector dominated the volume charts with Access Corporation as the top traded stock by volume for the trading session. This is followed by United Bank for Africa, FBN Holdings, Guaranty Trust Holding Company and Zenith Bank completing the list of the five most traded stocks by volume.

With regards to the value of traded stocks, MTN Nigeria took the lead among the top five performers. It is flanked by Airtel Africa, Nestle Nigeria, FBN Holdings and Zenith Bank.

ALSO READ FROM NIGERIAN TRIBUNE

• FG, US Seal Agreement To Repatriate $23m Abacha Loot Assets To Nigeria

• Govs Should Account For State-Level Emergency Funds Collected —Presidency

• Kaduna, Oyo Join Three Other States To Drive Nigeria’s COVID-19 Cases — NCDC

• Editors, SERAP Sue Buhari, NBC Over Shutting Down Of 53 Broadcast Stations

• Monkeypox Vaccine May Not Be Available Until 2023 — NCDC

• Osun Tribunal: PDP, INEC Reply APC, Oyetola’s Petitions, Urge Panel To Dismiss Petition

_{NGX: Equities investors earn N65bn as market halts bearish trend}