NGX Rebounds As Seplat, MTN Drive N330bn Market Gain
- The NGX All-Share Index closed at 252,366.80 points on Thursday, November 12, adding N328.26 billion to market capitalisation
- Seplat Energy and MTN Nigeria together accounted for over half of the N78.66 billion total value traded during the session
- Market breadth closed negative, with 29 stocks declining against 22 gainers, even as the oil and gas sector bucked the broader trend
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market bounced back on Thursday, November 12, as fresh buying activity in selected large-cap and mid-cap stocks pushed the benchmark index higher and added N328.26 billion to investors' wealth.
Trading data from the Nigerian Exchange (NGX) showed the All-Share Index climbed 505.56 points, or 0.20%, to close at 252,366.80 points, up from 251,861.24 points on Wednesday.
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Market capitalisation followed suit, rising to N163.86 trillion from N163.53 trillion. The day's performance brought the index's year-to-date return to 62.18%, with month-to-date and week-on-week figures at 0.46% and 1.06%, respectively.
Seplat and MTNN lead trading by value
Trading volumes surged sharply during the session. Investors exchanged 2.91 billion shares worth N78.66 billion across 28,318 deals, compared with 418.35 million shares valued at N22.83 billion across 30,908 deals in the previous session.
Total volume traded rose by 596.70%, while transaction value climbed by 244.62%.
By volume, VFD Group was the most actively traded stock, accounting for 34.52% of shares exchanged. Access Holdings followed at 6.71%, with United Bank for Africa and Champion Breweries each contributing 4.16%, while Zenith Bank accounted for 3.90%.
On the value chart, Seplat Energy led with N7.39 billion, representing 26.86% of the total value traded. MTN Nigeria came second with N7.18 billion, accounting for 26.10%.
Zenith Bank, VFD Group, Guaranty Trust Holding Company, First HoldCo, Stanbic IBTC, Access Holdings, UBA and Presco also featured among the top contributors.
Fidson, Sunu Assurances top the gainers
Fidson Healthcare recorded the highest gain of the day, with its share price climbing 9.94% to close at N91.80 from N83.50.
Sunu Assurances followed with a 9.92% gain to N2.88, while Champion Breweries rose by 9.85% to N11.15.
Caverton Offshore Support Group added 9.59% to reach N4.00, while FTG Insurance closed at N1.51 after a 9.42% rise. Cornerstone Insurance, FTN Cocoa, Cutix, VFD Group and Veritas Kapital also featured among the gainers.
On the other end, International Breweries suffered the steepest decline, losing 7.18% to close at N8.40.
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Tantalizers fell by 6.67% to N3.50, Honeywell Flour Mills shed 4.85% to N31.40, while Vitafoam Nigeria declined by 4.66% to N134.90.
Despite the gain in the index, market breadth closed negatively, with 29 stocks declining against 22 that advanced.
Four of the five major sectors ended the day in the red. Banking fell by 0.60%, insurance dropped by 0.29%, consumer goods lost 0.15%, while industrial goods slipped by 0.002%.
The oil and gas sector was the only segment to close in positive territory, posting a 0.03% gain.
Source: Legit.ng
