NGX Balloons as Stockbrokers Bet On Mid-Cap Shares



NGX Balloons as Stockbrokers Bet On Mid-Cap SharesNGX Balloons as Stockbrokers Bet On Mid-Cap Shares

NGX Balloons as Stockbrokers Bet On Mid-Cap Shares

The Nigerian Exchange, NGX, ballooned on Thursday as stockbrokers executed large buying order books amidst the ongoing rally in the domestic bourse. The upbeat has remained strong with solid positioning across underpriced stocks in the Nigerian market.

Trading data shows that key indicators advanced 0.05% as market size increased due to positive movements in prices of listed Nigerian companies’ stocks. The Lagos bourse year to date return has increased near 16%, trailing average inflation rate amidst weak return on naira asset in the financial market.

Stock market return printed at 15.88% just as the All-Share Index increased 24 basis points to close at 49,499.43 points. Equities market capitalisation inched upward by ₦13.08 billion to close at ₦26,947.93 trillion from ₦26,915.66 trillion.

However, market activities were down, as the total volume and total value traded for the day reduced by -67.76% and -50.47% respectively, according to brokers’ notes. Approximately 132.57 million units valued at ₦3,144.02 million were transacted in 2,999 deals.

FBNH was the most traded stock in terms of volume, accounting for 21.95% of the total volume of trades. The holding financial service group was followed by STERLNBANK (13.87%), NB (7.92%), GTCO (5.01%), and FIDELITYBK (4.09%) to complete the top 5 on the volume chart.

In term of value, AIRTELAFRI led the pack, accounted for 29.42% of the total value of trades on the exchange. With special interest in construction stock, JBERGER topped the advancers’ chart with a price appreciation of 9.91 percent.

The construction company stock was trailed by CHAMPION which gained 9.30%.  ARDOVA share price increased by 9.20% while THOMASWY popped up by 8.82%.

JAPAULGOLD rose by 7.69%, and twelve (12) others followed the same track record of performance. On the other hand, fourteen stocks depreciated, and UPDCREIT was the top loser, with a price depreciation of -6.45% to close at ₦2.90.

LASACO shed 5.56%, trailed by 5.26% price depreciation in UPL.  JAIZBANK lost 2.35%, OKOMUOIL fell by 1.49% and ZENITHBANK went down by 0.82%. Overall, market breadth closed positive, recording 17 gainers and 14 losers.

The NGX sector performance closed negative, with three out of the five major market indices recording negative performance led by the Insurance sector (-0.31%), followed by the Industrial sector (-0.21%), and the Banking sector (-0.11%).

The Oil & Gas and Consumer goods sectors rose by +0.26% and +0.04%. # NGX Balloons as Stockbrokers Bet On Mid-Cap Shares

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