UBA, MTN, ACCESS CORPORATION BOOST NGX AS MARKET CAP REACHES 58 TRILLION

Trading activity on the Nigeria Exchange (NGX) on Tuesday was influenced by increased buying interest in United Bank of Africa (UBA) at 10.0%, MTN Nigeria at 9.98%, and Access Corporation at 9.51%. The trading session closed on a bullish note at 103,524.44 points, resulting in a market capitalization of N58 trillion, reflecting a 1.45% upswing.

The total value of transactions witnessed a 16.78% decline, amounting to NGN 14.23 billion, while the trade volume saw an acceleration of 29.50%, totaling 565.79 million units traded in 11,519 deals.

Transcorp, Accesscorp, and Gtco led in terms of trading volume, exchanging 170.72 million units, 48.57 million units, and 39.03 million units, respectively.

Regarding trading value, Transpower emerged as the leader with NGN 3.51 billion, followed by Transcorp and Gtco, with NGN 3.13 billion and NGN 1.66 billion, respectively.

UBA, MTN Nigeria, and Berger recorded gains of 10.00%, 9.98%, and 9.71%, respectively, while Tantalizer, Nascon, and Morison experienced declines of -7.89%, -6.77%, and -6.62%, respectively. The Month-to-Date (MTD) and Year-to-Date (YTD) returns exhibited growth rates of 3.54% and 38.45%, respectively.

A sectoral analysis revealed that the Banking sector predominantly drove the market, gaining 4.54%. It was followed by the I.T./Communication, Insurance, Industrial, and Oil & Gas sectors with 3.59%, 0.98%, 0.18%, and 0.10%, respectively. However, the Consumer sector declined by -0.3%.

From the News Source: Techeconomy