Stocks March Higher as Investors Take Position in Wema Bank
Nigerian Exchange (NGX) Marched higher on Friday as equity investors gain N36.88 billion after a seesaw movement during the week. After two consecutive trading days of decline, the Nigerian stock market rebounds on Friday, recovering from losses that had impacted year to date returns.
The upturn in the market sentiment was driven by the investors’ positive reaction in medium capped stocks, Atlass Portfolios Limited said in a market report. Trading data show that rising demand for Wema Bank shares and other stocks lifted the equity capitalisation near N22 trillion
Consequently, the All-Share Index expanded by 70.67 basis points representing a growth of 0.17 per cent to close at 42,014.50. Then, the market Capitalisation gained ₦36.88 billion to close at ₦21.93 trillion.
NGX data shows that the market activities traded positively, as the total volume and value traded climbed by 72.20 per cent and 69.19 per cent, respectively. Today, a total of 277.04 million units valued at ₦2.38 billion were transacted in 3,524 deals.
STERLNBANK topped the traded stocks in terms of volume, accounting for 30.16 per cent of the total volume of trades, followed by FBNH (18.99%), ACCESS (7.77%), TRANSCORP (5.64%), and STANBIC (4.91%) to complete the top five on the volume chart.
Again, FBNH appeared as the most traded stock in value terms, with 24.15 per cent of the total value of trades on the exchange.
However, WEMABANK topped the gainers’ chart as its share price rose by 10.00 per cent each, trailed by CHIPLC (9.26%), UACN (7.84%), UBA (4.32%), STERLNBANK (3.33%), FBNH (3.26%). Other gainers are ACCESS (2.70%), UCAP (1.66&), ZENITH BANK (0.41%) and 17 others.
On the contrary, 13 stocks declined in price led by UNILEVER with price depreciation of 6.32 percent to close at ₦13.35, as NGXGROUP (-4.31%), INTBREW (-2.63%), NEIMETH (-2.22%), FLOURMILL (-2.05%), WAPCO (-0.39%) and GUINNESS (-0.27%), also dipped in price.
The market breadth closed largely positive, recording 25 gainers and 13 losers. The sectorial performance shows that Banking, Insurance and Oil & Gas sectors grew by 1.76 per cent, 0.83 per cent and 0.22 per cent, respectively, as the Consumer Goods (-0.51%) and Industrial Goods (-0.02%) sectors dipped. #Stocks March Higher as Investors Take Position in Wema Bank
Read Also: Fitch Puts Wema Bank on ‘Ratings Watch Negative’ over Weak
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