Stock Market Rises as NGXGroup, FBNH, MTNN Rally
The Nigerian stock market valuation rises on Wednesday after the local bourse opened the week on a negative note due to selloffs as headline inflation moderation tightened average yield in the fixed income market.
Today’s rally came as equity investors renewed positive sentiment in some bellwether stocks, such as NGXGROUP, FBNH, MTNN, WAPCO and 17 others, according to Atlass Portfolios Limited.
This lifted market indicators upward as the All-Share Index inched higher by 105.04 basis points, representing a growth of 0.26 per cent to close at 41,249.71 points.
Overall, with year to date return jump, stock market capitalisation advanced by ₦54.81 billion to close at ₦21.53 trillion. Price appreciation recorded on bellwether stocks moved the month-to-date and year-to-date returns higher to close at +2.56% and +2.43%, respectively.
Similarly, the market activities traded positively following the 47.47 per cent and 25.15 per cent growth in the total volume and value traded, respectively, as 499.51 million units of shares valued at ₦5.08 billion were transacted in 5,998 deals.
FBNH topped the traded stocks in terms of volume, accounting for 29.67 per cent of the total volume of trades, maintaining the position as the most trading stock, followed by ETRANZACT (21.14%), ACCESS (5.60%), TRNASCORP (4.48%), and GTCO (4.14%) to complete the top five on the volume chart.
FBNH appeared as the most traded stock in value terms, with 34.59 per cent of the total value of trades on the exchange.
NGXGROUP led the gainers’ chart to emerge as the most profitable stock, with price appreciation of 10.00 per cent, trailed by FBNH (3.83%), ETI (2.88%), MTNN (1.24%), WAPCO (0.61%), UBA (0.60%), HONYFLOUR (0.53%), ZENITH BANK (0.40%), FIDELITYBK (0.36%) and 13 others.
On the contrary, 18 stocks declined in price led by PRESTIGE with price depreciation of 8.15 per cent to close at ₦0.43, as CHIPLC (-8.33%), UCAP (-1.55%), WEMABANK (-1.33%), ACCESS (-1.04%), and UACN (-0.45%) also follow suit.
The market breadth closed significantly positive, recording 21 gainers and 18 losers. #Stock Market Rises as NGXGroup, FBNH, MTNN Rally
Read Also: Yield on T-Bills Rises as Bond Market Trades with Bullish Bias
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source https://dmarketforces.com/stock-market-rises-as-ngxgroup-fbnh-mtnn-rally/