NGX Resumes Trading With 0.42% Growth as Investors Mop up Stocks

By Dipo Olowookere

Trading activities resumed on the floor of the Nigerian Exchange (NGX) Limited on Wednesday after a two-day break to celebrate Christmas and Boxing Day.

At the session, the bourse appreciated by 0.42 per cent as investors rushed to buy up stocks across the sectors in anticipation of selling them at higher prices in the coming days.

Business Post reports that the banking index grew by 1.38 per cent, the insurance space rose by 1.37 per cent, as consumer goods gained 1.07 per cent, while the energy and industrial goods sectors closed flat.

At the close of transactions, the All-Share Index (ASI) increased by 228.51 points to 49,934.60 points from 49,706.09 points, as the market capitalisation went up by N124 billion to settle at N27.198 trillion compared with the previous day’s N27.074 trillion.

The market breadth ended positive yesterday after the number of price gainers outweighed the number of price losers at 27: 6, indicating a strong investor sentiment.

Cornerstone Insurance and Champion Breweries appreciated by 10.00 per cent each to close at 55 Kobo, and N5.17, respectively. Geregu Power rose by 9.96 per cent to N127.00, Wema Bank increased by 9.94 per cent to N3.54, and Thomas Wyatt chalked up 9.88 per cent to close at 89 Kobo.

On the flip side, RT Briscoe led the losers’ gang as its value went down by 7.41 per cent to 25 Kobo, McNichols depreciated by 3.70 per cent to 52 Kobo, FTN Cocoa declined by 3.45 per cent to 28 Kobo, Coronation Insurance fell by 2.44 per cent to 40 Kobo, and Sterling Bank lost 1.42 per cent to trade at N1.39.

During the session, investors transacted 498.7 million shares worth N3.9 billion in 3,989 deals compared with the 140.4 million shares worth N4.0 billion transacted in 2,063 deals in the preceding session, indicating an increase in the number of deals by 93.36 per cent, an improvement in the trading volume by 255.20 per cent, and a decline in the trading value by 2.50 per cent.

Veritas Kapital was the busiest stock as it sold 348.6 million units, Access Holdings traded 28.9 million units, GTCO transacted 25.8 million units, Geregu Power sold 8.7 million units, and AIICO exchanged 8.3 million units.