…As Naira Gains In FX Market
The Nigerian equities market rebounded on Thursday after a bearish momentum the preceding day as the NGX All-Share Index (NGXASI) rose by 0.37% to close at 104,233.81 points.
Available data from the Nigerian Exchange Group (NGX) on the trading trend indicated that despite the uptick in the index, overall market activity was mixed with total volume traded rising by 7.01% to 376.29 million units and the value of trade significantly falling by 42.34% to N7.90 billion, reflecting weaker investor participation.
Analysis of the trading trend based on sectoral performance showed that the momentum was bullish, with the Insurance index being the sole decliner, driven by sell-offs in SUNUASSUR (-9.91%), CORNERST (-9.44%), SOVRENINS (-9.18%), REGALINS (-5.26%), CONHALLPLC (-5.08%), and ROYALEX (-1.16%).
On the other hand, the Banking index impressively performed, rising by 1.33% based on strong gains in ETI (+8.94%), FCMB (+8.19%), ACCESSCORP (+2.79%), and UBA (+1.26%) just as the Consumer Goods index rose by 1.17%, on the back of a 9.86% gain in NB, HONYFLOUR (+3.01%) and MCNICHOLS (+1.87%), which outweighed declines in CADBURY (-4.35%) and DANGSUGAR (-1.19%).
Similarly, the Oil and Gas index gained 0.44% following upward movements in OANDO (+6.24%) and JAPAULGOLD (+2.65%), while the Industrial Goods index closed flat, reflecting a lack of noticeable improvement of stocks within the sector.
The NGX data showed that UNIVINSURE led the activity chart by volume, accounting for 23.7% of total trade volume despite falling by 7.55% to close at N0.49 while MTNN dominated the value chart with trades worth N1.45 billion on the share, although it depreciated by 0.41% at the close of the trading session.
Meanwhile, in the foreign exchange (FX) market, the Naira depreciated slightly to close at N1,599.79 per dollar.
This is even as Brent crude oil gained 1.18% to settle at $65.65 per barrel, reflecting improved sentiment in the global commodities market.
