By Dipo Olowookere
The Nigerian Exchange (NGX) Limited is again on the upward trend triggered by renewed confidence investors have in domestic equities as companies wrap up operations for the year.
The All-Share Index (ASI) appreciated by 0.73 per cent or 365.40 points on Thursday to close at 50,300.00 points compared with Wednesday’s 49,934.60 points, and the market capitalisation increased by N199 billion to settle at N27.397 trillion as against the previous day’s N27.198 trillion.
Business Post reports that the bourse was bubbling yesterday as traders showed enthusiasm in the market, and at the close of transactions, the consumer goods sector gained 3.65 per cent. The energy space rose by 2.82 per cent, the insurance counter appreciated by 1.84 per cent, the banking index grew by 0.27 per cent, and the industrial goods sector improved by 0.14 per cent.
Geregu Power and Nestle Nigeria ended the day as the best-performing stocks on Thursday as they rose by 10.00 per cent each to settle at N139.70 and N1100.00, respectively. McNichols appreciated by 9.62 per cent to 57 Kobo, CWG gained 9.52 per cent to trade at 92 Kobo, and Royal Exchange rose by 9.35 per cent to N1.17.
The worst-performing stock yesterday was Livestock Feeds, which lost 8.40 per cent to quote at N1.09, FBN Holdings shed 6.36 per cent to trade at N11.05, Vitafoam slumped by 5.92 per cent to N20.65, Unilever Nigeria shrank by 2.54 per cent to N11.50, and Fidelity Bank retreated by 1.94 per cent to N4.56.
At the close of business, the market breadth finished positive with strong investor sentiment as there were 37 price gainers and nine price losers.
A total of 490.5 million shares valued at N7.8 billion were traded in 4,480 deals during the session as against the 498.7 million shares valued at N3.9 billion traded in 3,989 deals on Wednesday, representing a decline in the trading volume by 1.64 per cent, an increase in the trading value by 100.00 per cent, and a 12.31 per cent rise in the number of deals.
FBN Holdings sold 271.4 million equities at the exchange yesterday, GTCO transacted 38.5 million equities, Zenith Bank traded 19.6 million equities, AIICO Insurance exchanged 17.5 million stocks, and Consolidated Hallmark Insurance sold 13.9 million shares.