NGX Equity Market Enters Green Zone As Investors Make NGN3.22 Billion

Domestic bourse trading gained bullish momentum as investors looked forward to closing trades in the green zone as the year came to a close. ACCESS (+1.11%) and ZENITHBANK (+1.01%) were responsible for arresting the previous day's loss of -1.08%, as the NGXASI gained +0.01% to close at 41,813.27 basis points.

Thus, the ASI of 41,813.27bps represents a marginal growth of 6.17bps from its previous day session of 41,807.10 bps.

Consequently, the ASI approached the 52-week low of 34,250.74 basis points (the lowest support point) by 7,562.53 basis points.

The Year-to-Date (Y-t-D) stayed positive at +3.83%.

Spurred by trading activities in ACCESS, JAIZBANK, ZENITHBANK, MTN, and FBNH, the equity market turnover increased by exactly 99.78% to 360.00 million units, as against its previous session position of 180.2 million units traded.

The shares traded were worth NGN1.8 billion and exchanged in 3,607 deals as against NGN1.48 billion traded in the previous session, which represented a 20% growth rate.

However, the all-share-index growth provided an opportunity for investors to take home NGN3.22 billion as the market cap closed at NGN21,825.41 trillion as against its previous session figure of NGN21,822.19 trillion.

JAIZBANK (+3.51%), ACCESS (+1.11%) were the most dominant stocks as they caused the biggest spike in the volume activity with 97.8 million and 37 million units of their shares traded, while ACCESS and MTNN added the most value with NGN308.4 million and NGN244 million generated.

Meanwhile, as measured by market breadth, market sentiment was positive (+8), as 20 companies’ stocks gained relative to 12 companies’ stocks that lost.

The gainers’ chart was dominated by CHIPLC (+10.00%), MBENEFIT (+9.68%), REGALINS (+9.30%), UNITYBNK (+8.33%), and WAPIC (+8.16%), while FTNCOCOA (-7.50%), ROYALEX (-4.76%), and VERITASKAP (-4.76%) sustained the most losses.