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NGX Rebounds as Stock Investors Jump on Bank Stocks

The Nigerian Exchange Limited (NGX) rebounded from its long bearish trend on Wednesday as stock investors jumped on bank stocks after a long sell-off.

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The Nigerian Exchange Limited (NGX) rebounded from its long bearish trend on Wednesday as stock investors jumped on bank stocks after a long sell-off.

Stock investors traded 167,569,257 shares estimated at N3.374 billion in 3,751 deals during the trading hours of Wednesday. Access Bank was the most traded equity as investors transacted 27,897,677 shares worth N231,144,303.40. This was followed by UBA’s 22,948,561 shares estimated at N160,908,921.25.

A breakdown of each sector revealed that the banking sector gained 56 basis points (bps) on Ecobank’s 8% appreciation, 1.33% gain in stock of Sterling Bank and Fidelity Bank’s 0.66% improvement. Unity Bank, Jaiz Bank and UBA closed in the red.

The consumer goods sector lost 9bps on a 2.77% and 0.23% decline in the value of Honey Flour and Nestle, respectively.

The oil and gas sector also appreciated 16bps on the back of a 1.05% gain in the worth of Oando. The industrial index gained 47bps on a 7.37% improvement in Cutix and a 1.27% increase in Bua Cement.

The market value of listed stocks gained N65 billion from N26.189 trillion it closed on Tuesday to N26.254 trillion on Wednesday.

NGX All-Share Index appreciated by 0.25% to  48,675.24 index points, up from the 48,554.76 index points it settled on Tuesday.

The Exchange Year-to-Date moderated to 13.95%. See other details below.

Top Fiver Gainers 

Symbols Last Close Current Change %Change
NEM N 4.40 N 4.84 0.44 10.00 %
STANBIC N 28.00 N 30.50 2.50 8.93 %
ETI N 10.00 N 10.80 0.80 8.00 %
CUTIX N 1.90 N 2.04 0.14 7.37 %
MBENEFIT N 0.29 N 0.31 0.02 6.90 %

Top Fiver Losers 

Symbols Last Close Current Change %Change
FIDSON N 10.10 N 9.11 -0.99 -9.80 %
FTNCOCOA N 0.33 N 0.30 -0.03 -9.09 %
UNITYBNK N 0.43 N 0.42 -0.01 -2.33 %
FCMB N 3.20 N 3.13 -0.07 -2.19 %
AIICO N 0.56 N 0.55 -0.01 -1.79 %

Top Five Trades

Symbols Volume Value
ACCESSCORP 27897677.00 231144303.40
UBA 22948561.00 160908921.25
FBNH 22507150.00 241974978.05
GTCO 16087931.00 323987814.20
ZENITHBANK 11859784.00 261111809.70

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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