NGX Index Surges 2.04% to New High of 77,537.57 points

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited gained 2.04 per cent on Wednesday on the back of renewed interest in local stocks by retail investors, who are looking for alternative streams of income.

The heavy buying pressure on the equity market pushed the All-Share Index (ASI) to a new high of 77,537,57 points after adding 1,546.59 points to the previous day’s 75,990.88 points.

Similarly, traders smiled home after their portfolios increased by N846 billion, leaving the market capitalisation of the exchange at N42.430 trillion compared with Tuesday’s value of N41.584 trillion.

Business Post reports that investor sentiment was very strong yesterday after the bourse finished with 78 appreciating stocks and seven depreciating stocks, indicating a positive market breadth index.

The top five gainers were Ikeja Hotels, UBA, Infinity Trust Mortgage Bank, University Press, and Berger Paints, which gained 10.00 per cent each to settle at N7.26, N28.60, N7.26, N2.64, and N14.30, respectively.

Conversely, Learn Africa topped the losers’ table after it shed 9.09 per cent to N2.90, Champion Breweries depreciated by 7.32 per cent to N3.80, C&I Leasing crashed by 2.33 per cent to N5.03, NGX Group lost 1.70 per cent to close at N23.10, and Ellah Lakes dropped 1.64 per cent to sell for N3.00.

Yesterday, investors traded 927.6 million shares worth N10.7 billion in 11,629 deals compared with the 515.8 million shares worth N5.6 billion traded on Tuesday in 9,370 deals, representing an increase in the trading volume, value, and the number of deals by 79.84 per cent, 91.07 per cent and 24.11 per cent, respectively.

Fidelity Bank ended the day on top of the activity chart after it sold 108.1 million equities valued at N1.3 billion, FCMB transacted 79.1 million shares for N644.0 million, UBA traded 55.5 million stocks worth N1.6 billion, Universal Insurance exchanged 50.6 million equities for N13.9 million, and Access Holdings traded 46.9 million shares valued at N1.2 billion.

At the close of business, all the five key sectors were in green, with the banking space growing by 6.66 per cent and the insurance index appreciating by 5.50 per cent, the consumer goods counter rose by 2.42 per cent, the energy sector jumped by 1.89 per cent, and the industrial goods index improved by 0.31 per cent.