NGX soars by N446bn as Wema Bank lists shares

The Nigerian Exchange (NGX) surged by about N466 billion on Tuesday as Wema Bank listed additional shares in the local bourse. Hence, the All-Share Index (ASI) advanced, and the year-to-date return surged further ahead of the Independence Day holiday.  Data from the Nigerian bourse revealed that the market index climbed by 0.23%, adding 331.15 basis points to close at 142,708.71. However, market capitalisation gained ₦465.86 billion, representing a 0.52% increase to settle at ₦90.58 trillion.The difference in the market indicators – the NGX index and the market capitalization was as a result of an additional 14,143,244,747 ordinary shares of 50 kobo each listed by Wema Bank Plc. 
Stockbrokers reported that despite a negative market breadth, the local bourse recorded its fourth consecutive session of gains. Buying interest was seen in selective large and medium scale stocks such as ETERNA, ARADEL, STANBIC, NB and others across key market sectors. Trading activities were up today as the total volume and total value of all trades surged by +223.09% and +156.72% respectively.  Stockbrokers reported that approximately 1,240.50 million units valued at ₦29,824.80 million were transacted across 28,009 deals. In terms of volume, FIDELITYBK led the activity chart, accounting for 64.01% of the total volume of all trades executed on the Exchange, followed by NCR (5.39%), ZENITHBANK (3.99%), STERLINGNG (2.28%), and FCMB (2.05%), rounding out the top five.
FIDELITYBK also emerged as the most traded stock in terms of value, accounting for 53.29% of the total value of trade on the exchange. UPDC topped the advancers’ chart with a price appreciation of 9.98 percent, trailed by ENAMELWA (+9.97%), ETERNA (+9.95%), ARADEL (+9.82%), TIP (+9.77%), EUNISELL (+9.72%) and twenty-two others. Thirty-one stocks depreciated, according to market update. UNIONDICON was the top loser, with a price depreciation of -10.00%, trailed by CHAMPION (-7.09%), WEMABANK (-5.56%), ETRANZACT (-4.19%), JAPAULGOLD (-3.38%), and OMATEK (-1.64%). The results showed that the market breadth closed negatively, recording 28 gainers and 31 losers. Sectoral performance was negative today, as four out of the five major market sectors covered by Atlass Portfolio Limited were down. The insurance sector dropped by -0.35%, followed by the Consumer goods sector which fell by -0.19%, the banking sector dipped  by -0,14%, and the Industrial sector declined by 0.11%. The Oil & Gas sector recorded a gain of 3.66%.