NGX All-Share Index Rises 0.71% on Positive Market Activity

By Dipo Olowookere

The first trading session of the week at the local bourse ended on a strong note on Monday by 0.71 per cent on the back of positive market activity.

The news of the appointment of Mr Yemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu excited investors, who returned to the market for more stocks.

Traders are betting that Mr Cardoso will bring stability into the foreign exchange (FX) market and collaborate with the fiscal authorities to normalise the economy.

This kept Customs Street very busy during the trading session, with the trading volume, value, and the number of deals growing by 26.02 per cent, 71.15 per cent, and 19.87 per cent apiece.

This was because investors transacted 515.3 million stocks valued at N8.9 billion in 8,357 deals compared with the 408.9 million stocks worth N5.2 billion traded in 6,972 deals last Friday.

UBA topped the activity chart after it transacted 109.5 million shares worth N1.9 billion, Universal Insurance traded 65.4 million stocks valued at N14.2 million, Transcorp exchanged 42.3 million equities valued at N265.0 million, Access Holdings sold 40.2 million shares for N703.4 million, and Chams traded 32.2 million stocks worth N38.6 million.

Investor sentiment was bullish yesterday after the stock exchange ended with 31 appreciating equities and 26 depreciating equities, implying a positive market breadth.

Oando, Northern Nigerian Flour Mills and Chams were the biggest price gainers, with a price appreciation of 10.00 per cent each to N12.10, N14.85, and N1.21, respectively, as Stanbic IBTC gained 9.58 per cent to trade at N75.50, and Lasaco Assurance rose by 9.38 per cent to N2.10.

Conversely, Omatek lost 10.00 per cent to close at 36 Kobo, SAHCO depleted by 9.95 per cent to N25.35, Beta Glass declined by 9.93 per cent to N46.70, Red Star Express shed 8.50 per cent to N2.80, and Courteville dropped 8.47 per cent to 54 Kobo.

During the trading session, the banking sector rose by 1.43 per cent, the consumer goods space improved by 0.16 per cent, and the insurance counter grew by 0.14 per cent, while the energy index decreased by 0.38 per cent, and the industrial goods sector depreciated by 0.06 per cent.

At the close of business, the All-Share Index (ASI) went up by 481.43 points to 67,877.17 points from 67,395.74 points, and the market capitalisation rose by N264 billion to N37.150 trillion from N36.886 trillion.