Recovering from the previous session’s loss, the domestic started the week bullish as the benchmark index rose by 0.22% to close at 101,356.15 points. Gains in MTNN, GTCO, and ZENITHBANK contributed to outweigh losses in ARADEL, OANDO, and WAPCO, keeping the market in the green. The year-to-date (YTD) return rose to 35.55%, while market capitalization gained ₦137.64bn to close at ₦61.44trn. Trade turnover settled lower relative to the previous session, with the value of transactions down 1.31%. A total of 503.19m shares valued at ₦16.27bn were exchanged in 12,490 deals. GTCO (+3.07%) led the volume chart with 39.38m units transacted, while ARADEL (-9.64%) led the value chart in deals worth ₦3.71bn.
Market breadth closed positive at a 2.74-to-1 ratio with advancing issues outnumbering the declining ones. OKOMUOIL (+10.00%) topped fifty-one (51) others on the leader’s table while AUSTINLAZ (-9.84%) led eighteen (18) others on the laggard’s log. The equities market of the Nigerian Exchange (NGX) trended positive intraday due to bargain hunting in banking and other stocks. Most banking stocks are trending higher ahead due to increased positioning in growth, value stocks in the local bourse. Stockbrokers said the market will likely reversed downturn experienced on Friday as demand heated up. At mid-day, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.30%, Alpha Morgan Capital Limited said in a note.
Stockbrokers told investors that the bullish trend is as a results of buying interest in some mid to high capitalized stocks. During intraday session, INTBREW has topped daily allowable price movement of 10.00%. Investors also increase market value of TRANSCORP by 4.77% amidst mandatory tender offer by HH Capital Limited – an investment company associated with Tony Elumelu family. Also driving uptrend, DANGSUGAR has surged by 4.77%, while FCMB is up by 3.89% STERLINGNG has seen 2.20% price uptick, PRESCO gained 2.15%, and ACCESSCORP has been priced higher by 2.08%. Other gainers include ZENITHBANK (1.20%), WEMABANK (1.18%), UBA (1.04%), FBNH (0.75%), FIDELITYBK (0.63%), STANBIC (0.34%), UCAP (0.26%), among others.
NGX ASI gains 22bps
