Despite the fact that the stock increased by 6.52% to settle at N9.80, Fidelity Bank was by far the most traded stock on the NGX today, with a trading volume of over 605.257 million shares.
Considerable market activity has been observed in the bank’s stock since the announcement of its rights issuance and public offering.
With a transaction volume of 229.613 million shares, it was the most traded stock for the week ending June 7, 2024. The NGX closed at 99,793.71, up 0.53% overall, while the All-Share Index is getting closer to 100,000. With equities up N324 billion, the market capitalization concluded at N 56.452 trillion as well.
There was a 22% increase in market activity, as the number of deals hit 8,657, from 7,106 as of the previous trading session.
In terms of trading volume, there was a 148% increase as the turnover volume hit 963.541 million shares, from last Friday’s 388.016 million shares.
Read Also: Afreximbank Supports Fidelity Bank’s Acquisition of Union Bank UK With $40 Million
Market Highlights
The market’s bullish performance was driven by gains recorded by Access Holdings, which gained 9.86%, with its market capitalization appreciating by N60.4 billion.
However, FMN was the top gainer during the day with a 10% gain to close at N41.80. TotalEnergies Marketing gained 9.98%, while Chams Holding Company gained 9.74% and Veritas Kapital Assurance continued its bullish run, with a 9.52% gain. Julius Berger also recorded a 9.15% gain to close at N89.50.
The market breadth was positive as there were 30 gainers compared to 10 losers during the day.
The top loser in the market was eTranzact International, which lost 9.90%, followed by Daar Communications, with a 9.52% loss. Champions Breweries and Unity Bank lost 6.67% respectively, Wapic Insurance lost 2.86% and Lafarge WAPCO lost 2.22%.
After Fidelity Bank, Access Holdings recorded the highest turnover volume in the market with 93.067 million shares. It was followed by UBA, which recorded a 2.86% gain and a turnover volume of 58.726 million shares.
Nigerian Breweries which posted a 2.38% posted a turnover volume of 45.256 million shares, and Zenith Bank with a 4.66% gain posted a turnover volume of 16.079 million shares.
In terms of turnover value, Fidelity Bank posted a N6.025 billion turnover value, while Access Holdings posted a turnover value of N1.744 billion. Nigerian Breweries recorded N1.27 billion, UBA – N1.26 billion, and Stanbic IBTC posted a turnover value of N572.92 million with a 0.57% gain.
Read Also: Fidelity Bank extends employment contract of its GMD/CEO, Onyeali-Ikpe
SWOOTs and FUGAZ Update
For stocks worth over one trillion, trading sentiment was quite positive, however, eight out of the ten stocks were left unchanged. GTCO Holdings posted a 0.13% and Zenith Bank posted a 4.66% gain.
Other members of the category, Airtel Africa, BUA Cement, BUA Foods, MTN Nigeria, Geregu Power, Transcorp Power, Seplat Energy, and Dangote Cement posted no price changes.
The top-tier banking stocks recorded gains all-round, as UBA, GTCO, Access Holdings, and Zenith Bank posted 2.86%, 0.13%, 9.86%, and 4.66% gains respectively. However, FBNH recorded no price change.
The FUGAZ stocks recorded a turnover volume of 181.488 million shares.
