Trading on the Nigerian Exchange (NGX) recovered from its bearish trend on Wednesday as the All-Share Index appreciated by 0.66%, gaining 540.88 points to close at 82,565.26 points today.
Data on the trading trend from the capital market monitoring authorities linked the bullish momentum of the stocks to Banking stocks which were the major drivers as FBNH (+6.78%), GTCO (+2.27%), UBA (+4.94%), and ZENITHBANK (+1.99%) recorded remarkable gains.
The market breadth was positive as there were 48 gainers, against 22 losers.
As expected, the market capitalization appreciated by 0.66% to close at N45.199 trillion, up from yesterday’s N44.885 trillion, resulting in equities’ gain of N314 billion at the end of the day’s trading session.
However, there was a 46.5% decline in trading volume to 877.28 million units when compared to Wednesday’s 1.641 billion units just as the trading value declined by 43.2% decline to N14.41 billion, from yesterday’s N25.38 billion.
A further analysis of the market Indices showed that the top five ASI gainers included ROYALEX: +10.00% to close at N0.99; GUINEAINS: +10.00% to close at N0.44; JBERGER: +9.92% to close at N56.50; CADBURY: +9.77% to close at N21.90; and TIP: +9.74% which closed at N1.69.
Conversely, the top five losers were IKEJAHOTEL: -9.90% to close at N7.83; ABBEYBDS: -9.66% to close at N2.73; CAVERTON: -9.66% to close at N1.87; DAARCOMM: -9.38% to close at N0.87; and NPFMCRFBK: -7.91% which closed at N1.98.
In terms of volume, the top traded stocks were TRANSCORP (+4.12%) led with 74.535 million units, followed by STERLINGNG (+3.32%) with 54.324 million units, ACCESSCORP (+1.08%) with 54.118 million units, AIICO (+3.17%) to close at 53.904 million units, and UBA (+4.94%) with 52.274 million units.
Also, when analyzed based on value of traded stocks, the stocks that topped the chart included ZENITHBANK (+1.99%) led with N1.98 billion, followed by UBA (+4.94%) with N1.57 billion, ACCESSCORP (+1.08%) with N1.51 billion, MTNN (+0.35%) with N963.33 million, and TRANSCORP (+4.12%) with N935.42 million.
