Banking, Cement Stocks Strengthen NGX Index by 2.90%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 2.90 per cent as investors felt very confident about the stock market again after it came under the control of the bears for months.

The significant attention attracted by banking and industrial goods equities, particularly cement stocks, further strengthened the exchange yesterday, with the market breadth closing positive as a result of 28 shares closing on the gainers’ chart and 11 shares finishing on the losers’ table.

Secure Electronic Technology was the best-performing stock of the session as it appreciated by 10.00 per cent to 22 Kobo, Dangote Cement improved by 9.98 per cent to N262.30, BUA Cement rose by 9.72 per cent to N79.00, Cornerstone Insurance grew by 9.09 per cent to 48 Kobo, Prestige Assurance expanded by 8.11 per cent to 40 Kobo.

On the flip side, SCOA Nigeria closed as the worst-performing stock after its value went down by 9.30 per cent to N1.17, Royal Exchange depreciated by 8.97 per cent to 71 Kobo, Eterna declined by 4.76 per cent to N5.40, Cutix fell by 4.72 per cent to N2.02, and Chams dropped 4.35 per cent to sell at 22 Kobo.

During the session, the industrial goods space rose by 9.25 per cent, the insurance sector appreciated by 3.66 per cent, the banking index gained 1.82 per cent, the energy counter grew by 0.66 per cent, and the consumer goods sector went up by 0.33 per cent.

This pushed the All-Share Index (ASI) higher by 1,303.04 points to settle at 46,232.37 points compared with the previous day’s 44,929.33 points, while the market capitalisation increased by N710 billion to N25.182 trillion from N24.472 trillion.

At the close of business, investors traded 187.9 million equities worth N1.8 billion in 3,458 deals compared with the 126.6 million equities worth N3.9 billion traded in 3,383 deals a day earlier, indicating a decline in the trading value by 52.17 per cent, an increase in the trading volume by 48.47 per cent, and a rise in the number of deals by 2.22 deals.

Livingtrust Insurance emerged as the most traded stock on Wednesday as it sold 30.1 million units, Transcorp exchanged 26.5 million units, Access Holdings traded 16.4 million units, Ecobank transacted 12.1 million units, and GTCO traded 11.6 million units.