NGX Extends Rally by 0.29% Amid Low Volume of Stocks

By Dipo Olowookere

For the sixth consecutive trading session, the Nigerian Exchange (NGX) Limited closed in the positive territory, further gaining 0.29 per cent on Monday.

Sustained buying pressure has helped the Nigerian bourse to maintain an upward trajectory despite the happenings in the country, especially the crisis created by the currency swap and petrol scarcity.

Business Post reports that bargain-hunting in the insurance, industrial and consumer goods sectors influenced the growth yesterday as they respectively closed higher by 0.33 per cent, 0.03 per cent, and 0.01 per cent, respectively, offsetting the 0.32 per cent loss posted by the banking counter and the 0.02 per cent decline recorded by the energy space.

Consequently, the All-Share Index (ASI) appreciated by 154.65 points to 54,367.74 points from 54,213.09 points, while the market capitalisation grew by N81 billion to N29.609 trillion from N29.528 trillion.

Yesterday’s trading session was marred by the low volume of transacted stocks, and investors bought and sold 191.6 million units compared with the 268.0 million transacted in the preceding session, representing a decline of 28.51 per cent.

However, the value of trades rose by 100.00 per cent to N4.8 billion from N2.4 billion, as the number of deals increased by 8.51 per cent to 4,359 deals from 4,017 deals.

GTCO was the busiest stock as it traded 50.6 million units, Zenith Bank transacted 18.0 million units, Chams exchanged 16.6 million units, UBA sold 14.9 million units, and Transcorp traded 14.2 million units.

The best-performing stock was Sovereign Trust Insurance, as it rose by 10.00 per cent to 33 Kobo, followed by Linkage Assurance, which gained 8.89 per cent to trade at 49 Kobo. International Energy Insurance improved by 8.08 per cent to N1.07, IMG chalked up 4.55 per cent to sell at N8.05, and Courteville grew by 4.08 per cent to 51 Kobo.

The worst-performing stock was McNichols, which fell by 8.96 per cent to 61 Kobo, trailed by Prestige Assurance, which dropped 8.70 per cent to 42 Kobo. FTN Cocoa depreciated by 6.06 per cent to 31 Kobo, Sunu Assurances declined by 5.88 per cent to 32 Kobo, and Japaul also went down by 5.88 per cent to 32 Kobo.