NGX All-Share Index up 0.18% as bulls continue to drive market

Business a.m

The Nigerian Exchange (NGX) kicked off the week on a positive note, with the benchmark index climbing higher for the second consecutive session. Buoyed by gains in banking and consumer goods stocks, the NGX All-Share Index rose 0.18% to close at 102,042.32 points.

The positive performance of the NGX All-Share Index was largely driven by buying interest in several sectors, with the food & beverage, industrial goods, and financial services sectors contributing the most to the gains. BUAFOODS saw its share price rise by 1.05 per cent,the share price of GEREGU surged by 6.75 per cent, while ZENITHBANK saw its share price rise by 0.14 per cent.  These gains resulted in the bulls outweighing the bears following selloffs in GTCO  which lost 0.37 per cent, UBA shed 1.18 per cent and ACCESSCORP  was down 6.26 per cent, leaving the market in the green.

As a result of the market’s overall positive performance, the YTD return rose by 0.47 per cent to 36.47%.In addition, market capitalisation rose by 0.18 per cent to N55.84trn, an increase of N100.65bn from the previous day’s close.

The  market activity was characterised by a lower trade turnover than the previous session. A total of 242.43 billion shares valued at N5.13 billion were traded in 8,715 deals, representing a 30.31 per cent decrease in value from the previous day. ACCESSCORP (-6.26%) was the most traded stock by volume, with 24.90 million units traded. Meanwhile, GTCO (-0.37%) led the value chart with deals worth N841.25 million.

Market breadth closed positive at a ratio of 1.30-to-1, with advancing issues outnumbering declining ones by a factor of 1.3. CHAMS (+10.00%) was the biggest gainer, leading twenty-nine (29) other advancing stocks. Meanwhile, INFINITY (-9.90%) was the biggest loser, leading twenty-two (22) other declining stocks.