Local Stock Market Gains 0.67% to Cross 100,000-point Threshold Again

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited crossed the 100,000-point threshold again on Friday after it closed higher by 0.67 per cent on the back of continued buying pressure.

The All-Share Index (ASI) was up by 661.26 points to 100,057.49 points from 99,396.23 points and the market capitalisation increased by N374 billion to N56.602 trillion, in contrast to the preceding day’s N56.228 trillion.

Investor sentiment was very strong yesterday as the local stock market closed with 34 appreciating stocks and 12 depreciating stocks, indicating a positive market breadth index.

United Capital ended the session as the best-performing equity after it added 9.96 per cent to its value to trade at N26.50, Lasaco Assurance gained 9.91 per cent to close at N2.55, CWG improved by 9.66 per cent to N7.95, Ikeja Hotel expanded by 8.97 per cent to N7.90, and Mutual Benefits grew by 8.06 per cent to 67 Kobo.

On the flip side, Jaiz Bank finished the day as the worst-performing equity after it lost 9.72 per cent to quote at N1.95, Caverton shed 7.80 per cent to N1.30, Regency Alliance decreased by 6.98 per cent to 40 Kobo, Champion Breweries contracted by 6.67 per cent to N3.50, and NASCON moderated by 6.25 per cent to N34.50.

A total of 509.7 million shares worth N9.9 billion were transacted on Friday in 7,945 deals compared with the 529.4 million shares worth N10.5 billion traded in 7,616 deals on Thursday, implying a shortfall in the trading volume and value by 3.72 per cent and 5.71 per cent, respectively, and a leap in the number of deals by 4.32 per cent.

Transcorp pulled the highest trading volume on the last trading session of the second quarter of 2024 with a turnover of 125.4 million equities valued at N1.6 billion.

Oando traded 58.3 million shares worth N878.0 million, Guinness Nigeria exchanged 43.0 million stocks for N2.9 billion, AIICO Insurance transacted 27.0 million equities worth N25.8 million, and United Capital sold 25.0 million stocks for N661.8 million.

Business Post reports that the insurance index appreciated by 1.26 per cent yesterday, and the banking counter gained 0.72 per cent, while the consumer goods space went down by 0.17 per cent, with the energy and industrial goods sectors closing flat.