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    Nigerian Exchange Opens Positive as All-Share Index Rises 0.47%

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Nigerian Exchange (NGX) sustains positive tempo into the second trading session as the All-share index gains 0.47% to close at 38,437.88bps. Bargain hunting activities brought the year-to-date performance of the All-Share Index to stand at -4.55%.

    Buying opportunities were spotted in some highly capitalised stocks including BUACEMENT which gained 2.8%, GUARANTY jumped 1.4%, and MTNN share price increased 1.0%. Consequently, year-to-date loss improved to -4.6% while market capitalisation increased by ₦94.3 billion to settle at ₦20.03 trillion.

    Stockbrokers said trading activity worsened as volume and value traded fell by 13.8% and 43.2% to 197.2 million units and ₦2.1 billion respectively. Meanwhile, the most traded stocks by volume were VERITASKAP (29.8 million units), FIDELITY (24.5 million units), and ZENITH (20.9 million units).

    By transaction value, ZENITH traded shares worth ₦481.2 million, SEPLAT ₦298.5 million, and NESTLE ₦200.8 million lead the value chart.

    Nigerian Exchange Opens Positive as All-Share Index Rises 0.47%
    Nigerian Exchange Opens Positive as All-Share Index Rises 0.47%
    Bullish Sector Performance

    Afrinvest said performance across sectors under its coverage was bullish as 4 indices gained and 2 lost. The Industrial Goods and AFR-ICT indices gained 1.1% and 0.5% respectively, following price appreciation in BUACEMENT (+2.8%) and MTNN (+1.0%).

    Similarly, the Banking and Oil & Gas indices rose 0.3% and 1bps respectively, due to buying interest in GUARANTY (+1.4%), JAIZBANK (+1.7%), and MRS (+9.6%). Conversely, the Consumer Goods and Insurance indices lost 0.2% and 0.5% respectively on the back of sell-offs in CHIPLC (-9.6%), DANGSUGAR (-0.3%) and MBENEFIT (-8.3%).

    Investor Sentiment Weakens

    Investor sentiment as measured by market breadth weakened to 0.7x from 0.8x in the last trading session as 17 stocks advanced while 23 declined. MRS (+9.6%), VITAFOAM (+8.9%) and CHAMS (+5.0%) led gainers while ROYALEX (-9.9), CHIPLC (-9.6%) and NEIMETH (-8.5%) led decliners.

    “In the next trading session, we expect the market to sustain its positive momentum as investors’ cherry-pick attractive fundamental stocks”, Afrinvest said.

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