Sustained bargain hunting persisted midweek in the local Nigerian equities market as investors continue to trade on company-specific fundamentals after they recorded N141.6 billion gains.
The bullish performance witnessed on Wednesday was largely driven by gains in Airtel Africa (+4.9%), Ecobank (+5.5%), and Guaranty Trust Holding Company (+0.4%). Accordingly, the benchmark index rose 0.69 percent to settle at 39,448.46 points, while the market year to date loss upgraded to 2.0 percent and market capitalisation of the listed equities on the NGX increased to N20.55 trillion from N20.41 trillion.
On the reverse, the level of trading activities tanked as the total volume and value traded fell 61.8 percent and 47.5 percent respectively to 181.4 million units and N2.08 billion exchanged in 3,599 deals. The most traded stocks by volume were Transnational Corporation (20.5m units), Ecobank (17.5m units), and FCMB (15.3m units), while MTN Nigeria (N777.8m), Airtel Africa (N370.9m), and Flour Mills (N104.2m) led by value.
A peep into the sectoral performance show a positive presentation as the industrial goods index closed flat with the ICT and banking indices leading the gainers’ table, advancing 2.1 percent and 0.5 percent respectively, on the back of buying interest witnessed in Airtel Africa (+4.9%), Guaranty Trust Holding Company (+0.4%), and Ecobank (+5.5%).
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In a similar vein, the oil & gas and insurance indices increased by eight basis points and one basis point respectively, compelled by price appreciation in Oando Plc (+0.4%), Linkage Assurance (+6.8%), and NEM Insurance (+2.0%). The consumer goods index was the lone loser as it depressed 2 basis points due to sell pressure on Flour Mills (-0.7%).
Also, investors sentiment as measured by market breadth reinforced to 1.4x from 1.1x recorded in the last trading session as 20 stocks advanced while 14 stocks declined. Pharma Deko (+9.2%), Neimeth Insurance (+8.6%), and Ikeja Hotel (+7.7%) led gainers while FTN Cocoa processors (-8.9%), Wema Bank (-7.3%), and May & Baker (-6.4%) led losers.
Meanwhile, the NGX 30 Index marginally rose by 0.09 percent to close at 1,634.99 points, as against 1,633.53 points on the previous day. Market turnover closed with a traded volume of 96.14 million units; and Ecobank and Sterling Bank were the key gainers, while Flour Mills and UBA ended the day as key losers.