Interests in Banking, Industrial Goods Stocks Elevate NGX by 0.54%

By Dipo Olowookere

Trading activities on the floor of the Nigerian Exchange (NGX) Limited were bullish on Wednesday, with a rebound of 0.54 per cent influenced by buying interests in banking, insurance and industrial goods stocks, offsetting the losses in the energy and consumer goods equities.

The banking index appreciated by 4.21 per cent, the insurance space rose by 0.78 per cent, and the industrial goods sector improved by 0.36 per cent. However, the energy counter depreciated by 0.35 per cent, and the consumer goods sector went down by 0.24 per cent.

At the close of transactions, the All-Share Index (ASI) gained 238.69 points to close at 44,046.94 points, in contrast to the previous day’s 43,808.25 points, as the market capitalisation grew by N130 billion to finish at N23.991 trillion compared with Tuesday’s N23.861 trillion.

During the session, investors traded 159.4 million stocks worth N2.9 billion in 3,039 deals compared with the 103.5 million stocks worth N1.2 billion traded in 3,045 deals a day earlier, representing a decline in the number of deals by 0.20 per cent, an increase in the trading volume by 54.10 per cent, and an improvement in the trading value by 141.12 per cent.

Fidelity Bank was the busiest stock at the market yesterday after trading 28.0 million units, followed by GTCO, which sold 20.8 million units. Zenith Bank traded 14.0 million units, FBN Holdings exchanged 8.9 million units, and Unity Bank transacted 7.3 million units.

Business Post observed that amid the positive performance of the exchange in the midweek session, investor sentiment was still weak as the market breadth ended negative, with 21 price losers and 24 price gainers.

Cornerstone Insurance appreciated by 10.00 per cent to 44 Kobo, MRS Oil rose by 9.73 per cent to N14.10, Zenith Bank expanded by 8.46 per cent to N21.80, GTCO gained 6.63 per cent to quote at N19.30, and Lafarge Africa increased by 5.97 per cent to N21.30.

Conversely, Eterna recorded the heaviest loss after its value dropped 10.00 per cent to close at N5.67, Guinness Nigeria shed 9.98 per cent to N67.20, SCOA Nigeria declined by 9.49 per cent to settle at N1.43, Sunu Assurances fell by 9.38 per cent to 29 Kobo, and Courteville depreciated by 8.00 per cent to 46 Kobo.