Market Jumps 0.15% as Investors Buy Lafarge, Ardova, Others

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed a 0.15 per cent upward movement on Monday on the back of renewed buying pressure in the industrial goods sector, which closed higher by 0.22 per cent at the close of transactions.

The sector singlehandedly lifted the market yesterday, resisting efforts by the other key sectors to pull down the market on the first trading session of the new week.

During the trading day, the insurance counter fell by 1.63 per cent, the energy space went down by 0.38 per cent, the banking counter depreciated by 0.37 per cent and the consumer goods space contracted by 0.28 per cent.

But the growth in the industrial goods space boosted the All-Share Index (ASI) of the exchange by 64.90 points to 44,461.63 points from 44,396.73 points as the market capitalisation grew by N35 billion to settle at N24.217 trillion in contrast to last Friday’s N24.182 trillion.

Business Post reports that the bourse was relatively quiet yesterday as traders are still mindful of their exposure to stocks. A total of 72.3 million equities worth N2.2 billion exchanged hands in 2,887 deals on Monday as against the 95.2 million equities worth N1.9 billion traded in the preceding session in 2,888 deals, indicating an increase in the trading value by 15.08 per cent, a decrease in the trading volume by 24.01 per cent and a decline in the number of trades by 0.03 per cent.

Transcorp was the most active, selling 11.4 million shares, trailed by NGX Group with 5.6 million equities, GTCO with 5.3 million equities, Sovereign Trust Insurance with 4.1 million equities, and Fidelity Bank with 3.9 million equities.

It was observed that despite the gains printed yesterday, investor sentiment remained weak as the market breadth was negative due to the eight price gainers and 18 price losers recorded at the close of trades.

Red Star Express topped the gainers’ log after its value went up by 8.22 per cent to N2.37, Beta Glass appreciated by 5.90 per cent to N43.95, Coronation Insurance rose by 5.88 per cent to 36 Kobo, Lafarge Africa gained 2.73 per cent to sell for N22.55, and Ardova improved by 2.19 per cent to N14.00.

Conversely, Unilever Nigeria topped the losers’ table as its price shed 10.00 per cent to close at N10.80, NEM Insurance depreciated by 9.50 per cent to N4.00, Lasaco Assurance shed 4.60 per cent to trade at 83 Kobo, Regency Assurance fell by 4.17 per cent to 23 Kobo, and Sovereign Trust Insurance retreated by 3.85 per cent to 25 Kobo.