28 Stocks Sustain Upward Trend at Nigerian Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further appreciated by 0.05 per cent on Tuesday on the back of a sustained buying pressure, though it is gradually waning.

Yesterday, the number of price gainers reduced to 28 from 43 a day earlier, while the price losers rose to 23 compared with the preceding trading day’s 16.

From the analysis, Academy Press was the biggest price riser as it went up by 10.00 per cent to N1.21, Champion Breweries appreciated by 9.78 per cent to N2.47, Meyer gained 9.77 per cent to sell for N2.81, Neimeth improved by 9.56 per cent to N1.49, while eTranzact grew by 9.43 per cent to N2.90.

Conversely, Multiverse finished the session as the heaviest price decliner as it fell by 8.70 per cent to 21 kobo, International Breweries declined by 8.04 per cent to N5.15, Cadbury Nigeria lost 7.74 per cent to trade at N7.75, Japaul declined by 6.25 per cent to 30 kobo, while Honeywell Flour decreased by 4.88 per cent to N3.70.

Business Post observed that there were pockets of profit-taking yesterday around banking stocks (GTCO, Zenith Bank and others), causing its index to decline by 1.39 per cent at the close of transactions.

But the energy sector gained 3.35 per cent, the consumer goods index grew by 1.10 per cent, the insurance counter appreciated by 0.88 per cent, while the industrial goods sector rose by 0.03 per cent.

At the close of business, the All-Share Index (ASI) expanded by 25.21 points to 48,568.57 points from 48,543.36 points, while the market capitalisation closed higher by N14 billion to N26.184 trillion from N26.170 trillion.

The level of transactions improved on Tuesday as the trading volume rose by 41.52 per cent to 464.7 million from 328.4 million, the trading value increased by 73.58 per cent to N7.0 billion from N4.0 billion, while the number of trades jumped by 13.26 per cent to 6,468 deals from 5,711 deals.

Transcorp ended the day as the most active stock with a turnover of 123.8 million units valued at N144.6 million, AIICO Insurance traded 20.5 million units worth N14.1 million, Zenith Bank sold 19.5 million units worth N493.4 million, FBN Holdings exchanged 18.5 million units for N220.8 million, while Fidelity Bank transacted 18.2 million units worth N69.1 million.