Oil & Gas and Banking Sectors Extend Equity Market Bullish Trend as Investors’ Wealth Surge by ₦98Bn

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→ Trading activities on the Nigeria Local Bourse sustained the bullish trend as the investors positive sentiment pushed the market index to over 53,000 point.

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The growth also expanded the market capitalization by ₦98Bn due to the bargain-hunting on the Oil & Gas and Banking sectors.

As a result, the All-Share Index rose by 182.45 basis points representing a 0.34 percent growth, to closed at 53,100.21.

While the Market Capitalization gained ₦98.36Bn to increase by 0.34 percent and closed at ₦28.63 trillion.

→ Meanwhile, the market activities were bearish, as the Total Volume and Value trade dipped by 28.76 percent and 37.25 percent, respectively. Approximately 303.48 million units valued at ₦3.57 billion were transacted in 7,019 Deals.

TRANSCORP emerged as the most traded stock in terms of volume, accounting for 12.52 percent of the total volume of trades, followed closely by JAIZBANK (10.67%), WAPCO (4.94%), GTCO (4.61%), and OANDO (4.29%) to complete the top five on the volume chart.

While WAPCO appeared as the most traded stock in value terms, with 13.30 percent of the total value of trades on the exchange.

→ NNFM topped the advancers’ list with a price appreciation of 9.94 percent each, trailed closely by FLOURMILL (9.22%), SEPLAT (8.33%), BUAFOODS (5.27%), ZENITHBANK (2.08%), AFRIPRUD (1.72%), UCAP (1.50%), GTCO (1.27%), DANGSUGAR (1.17%), UNILEVER (0.71%), ACCESSCORP (0.52%) and seventeen (17) others.

Conversely, twenty-eight (28) stocks depreciated, topped by CHAMPION with a price depreciation of 9.90 percent to close at ₦4.37 as INTBREW (-9.74%), STANBIC (-5.71%), GLAXOSMITH (-5.39%), JAPAULGOLD (-3.23%), FBNH (-2.05%), PZ (-1.69%), OANDO (-1.31%), WAPCO (-1.10%), HONYFLOUR (-1.06%) and NGXGROUP (-0.21%) also dipped in price.

In that regard, the market breadth closed at par, recording 28 gainers and 28 losers.

→ Consequently, sectoral performance was negative, as three the five sectors closed bearishly compared to the previous session, led by the Insurance (-1.31%), Consumer Goods (-0.46%) and Industrial Goods (-0.07%).

While Oil & Gas and Banking sectors surged by 4.84% and 1.22%, respectively.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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