New listing, consumer goods stocks drive NGX gain by N140bn

The Nigerian Exchange Limited on Thursday closed positive with a gain of N140bn added to investors’ wealth on the local bourse.

The market capitalisation had shed N158bn on Wednesday on the back of losses recorded by MTN Nigeria (-3.85 per cent), Wema Bank (-10 per cent), Fidelity Bank (-3.57 per cent), Sterling Financial Holding Company (-2.72 per cent, Unity Bank (-2 per cent), FCMB (-0.33 per cent) and FBN Holdings (-0.31 per cent).

However, the market rebounded on Thursday as the benchmark index closed positively at 66,570.19 points, indicating a 0.13 per cent gain.

The market capitalisation also increased by 0.39 per cent to reach N36.53tn, primarily driven by buying interest in banking, consumer goods, and industrial goods stocks plus the listing of the Nigerian Industrial Development Fund. The NIDF, a N200 billion public infrastructure investment fund was listed on the NGX adding about N92bn in capitalisation to the exchange.

Strong buying interest was also observed in Wema Bank (+9.93 per cent), Thomas Wyatt (+9.74 per cent), Regency Alliance Insurance (+8.82 per cent), Daar Communications (+8.70 per cent), and Royal Exchange (+8.70 per cent).

Meanwhile, investor attention has remained on the third quarter earnings reporting season and the expected reconvening of the Monetary Policy Committee meeting by the Central Bank of Nigeria which is anticipated to provide economic direction.

Trading activities on the NGX led to an increase in the number of gainers, 24, compared to declining ones, 19.

Sectoral performance was generally bullish, with gains in the Banking, Consumer Goods, and Industrial Goods sectors, posting increases of 0.44 per cent, 0.30 per cent, and 0.03 per cent, respectively.

However, the Insurance sector declined by 0.06 per cent, and the Oil & Gas index remained unchanged.

Market activity was on the upbeat, with a significant increase in both total volume and value, up 54.27 per cent and 2.95per cent, respectively, to 1.02 billion units valued at N4.73bn and total trades increased by 4.71 per cent to 6,959 deals.

The top trader by volume for the session was Neimeth, with 657.09 million units valued at N985.65m exchanged in 10 deals.