Emmanuel Ochayi
The NGX witnessed a bullish resurgence today, marking a departure from the bearish trend earlier in the week. Banking stocks took the lead in this spirited rally, propelling the All-Share Index to a 1.63% gain, closing at 102,802.25 points from the previous day’s 101,154.46 points.
The positive market breadth was evident with 53 gainers outnumbering 18 losers, underlining the broad-based nature of the recovery. GTCO, Zenith Bank, and Access Bank spearheaded the bullish charge, posting gains of 10%, 9.97%, and 9.91%, respectively.
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This uptick translated into an increase in equities, with the market cap surging by N902 billion to reach N56.26 trillion. Trading volume experienced a 14.9% uptick, totaling 861.01 million units, though the value traded saw a 45.9% decline to N12.16 billion.
Top gainers included GTCO, CHAMS, CAVERTON, VERiTASKAP, and NASCON, each closing with a solid 10% gain. On the flip side, DEAPCAP, CWG, and RTBRISCOE were among the top losers, registering declines of 9.88%, 9.87%, and 9.86%, respectively.
UNIVINSURE, TRANSCORP, and ZENITHBANK dominated the trading volume charts, while ZENITHBANK, UBA, and GTCO led in terms of value traded.
In the SWOOT and FUGAZ categories, positive sentiment prevailed for stocks exceeding N1 trillion, with GTCO, ZENITHBANK, and BUAFOODS making gains, while MTNN experienced a slight dip. Notably, other SWOOT stocks remained stable.
Among tier-1 banks, UBA, FBNH, and ACCESSCORP recorded remarkable gains, underscoring the robust performance of the banking sector in driving today’s market rebound.
This resurgence paints a hopeful picture for investors, signaling resilience in the face of recent market fluctuations.
