Christmas Came Early As NGX Equity Market ClosesTrading With N15.09bn Gain

Christmas came early for the NGX equity market on Thursday as traders pushed the all-share index higher to close at 42,260 basis points. This 32.27 basis points growth from the previous day’s close of 42,233.82bps represents a 0.08% increase of the all-share index.

Despite poor trade performance from FBNH (-1.71%), gains from ZENITH BANK (+0.83%), VITAFOAM (+4.41%) and WAPCO (+3.23%) were able to drive the ASI to reach the closest critical resistance point of 42,500 basis points.

Continuing in that light, the ASI's gap from the 52-week high of 43,730.55 basis points (the highest resistance point) moderated by 1,470.55 basis points and drew farther away from the 52-week low of 34,250.74 basis points (the lowest support point) by 8,009.26 basis points.

Consequently, the Year-to-Date (Y-t-D) maintained its growth momentum to +5.87%.

However, the positivity and joyous mood of traders wasn’t reflected in the volume and value activities of the equity market as the total volume traded decreased by exactly 47.04% to 111.8 million units, as against its previous day position of 211.1 million units traded. These shares were worth NGN0.9 billion and exchanged in 2,072 deals as against NGN2.5 billion traded on Thursday.

Apparently, the equity market managed to make gains totaling up to NGN15.09 billion which ensured its close of NGN22, 060.08 trillion, up from NGN22, 044.99 trillion the previous day.

Following the market bullish closure, ZENITH BANK, ACCESS, and UBN took most of the market attention as they dominated the volume and value activities chart.

Finally, as measured by market breadth, market sentiment was narrowly negative, as 13 companies’ stocks lost relative to 12 companies’ stocks that gained.

CHIPLC (+9.37%), SOVRENINS(+8.33%), and PZ (+7.20%) generated the most profit for investors, while CORNERST (-9.80%), UPDC (-3.36%), and JAIZBANK (-3.15%) sustained the most losses.