The trading volume on Nigerian Exchange Limited (NGX) yesterday soared by 38.45per cent as investors exchanged majorly stocks in the financial services sector.
At the end of trading on the floor of the Exchange, 215.15 million shares valued at N1.91billion were traded in 3,389 deals, a significant increase over the previous day’s turnover of 155.41 million shares worth N1.53billion in 3,796 deals.
The market capitalisation closed at N24.09trillion, 0.1per cent or N24.12billion down from the previous day’s N24.12trillion as the NGX All-Share Index closed lower at 44,236.7 basis points from 44,283.02 basis points the market opened for trading.
As a result, stock market performance in its year-to-date (YTD) return fell to 3.57per cent.
Sectoral performance on the NGX was mixed with the Oil and Gas index dropping by 0.96per cent, Consumer Goods depreciated by 0.21per cent while Banking Index added 0.05per cent and Industrial Index gained 0.01per cent.
Stocks of financial services firms occupied 76.67per cent of total volume traded for the day with Access Holdings Plc leading the charts by volume.
Transnational Corporation of Nigeria followed as 16.07 million units of its shares were traded in 62 deals. Sterling Bank Plc, Fidelity Bank Plc, and Zenith Bank Plc were also highly traded.
By value, Access corporation was the most traded stock as N892.56million worth of its shares were exchanged in 358 deals.
Zenith bank followed with N142.83million worth of shares in 169 deals, and MTN Nigeria Communications Plc with N127.49million in 169 deals.
Other highly traded stocks by value were Vitafoam Plc and Guaranty Trust Holding Company Plc (GTCO). By
Atop the gainers’ chart was UPDC Real Estate Investment Trust as it rose by 9.09per cent, followed by Trans-Nationwide Express Plc with 8.82per cent.
Other major gainers were Champion Breweries Plc (7.81 per cent), JaPaul Gold & Ventures Plc (7.69 per cent), and Cutix Plc (4.88per cent).
Analysts at InvestmentOne research said, “The stock market closed negative due to the southward movement recorded in the Oil and Gas and Consumer Goods sectors.
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
SOURCE: THISDAY
