By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday as it closed higher by 0.05 per cent on renewed bargain-hunting by investors.
It was observed that the domestic stock market indices were resuscitated yesterday by buying interest in financial stocks, especially the tier-1 lenders.
Analysis of the data showed that they saved the bourse from extending its stay in the red territory after the insurance space gained 1.99 per cent and the banking index appreciated by 0.79 per cent.
Business Post reports that during the trading session, the consumer goods space lost 0.34 per cent, the energy index fell by 0.03 per cent, and the industrial goods counter depreciated by 0.01 per cent.
At the close of business, the All-Share Index (ASI) was up by 46.94 points to 100,067.77 points from 100,020.83 points, and the market capitalisation went up by N26 billion to N56.607 trillion from N56.581 trillion.
Cornerstone Insurance recorded the biggest price appreciation, 10.00 per cent, on Tuesday to close at N2.09, Jaiz Bank expanded by 9.95 per cent to N2.21, Coronation Insurance grew by 9.59 per cent to 80 Kobo, Fidson increased by 9.26 per cent to N14.75, and Guinea Insurance soared by 8.82 per cent to 37 Kobo.
The heaviest loss was posted by RT Briscoe, 9.86 per cent, to settle at 64 Kobo, Cutix dropped 6.82 per cent to finish at N4.10, C&I Leasing declined by 6.25 per cent to N3.00, Prestige Assurance shrank by 5.56 per cent to 51 Kobo, and CWG crashed by 5.33 per cent to N8.00.
Despite the growth achieved by the NGX yesterday, investor sentiment was weak after 22 stocks ended on the gainers’ table and 24 stocks closed on the losers’ log, indicating a negative market breadth index.
A total of 365.6 million shares valued at N4.1 billion exchanged hands in 8,665 deals during the trading day versus the 274.7 million shares worth N3.7 billion transacted in 10,112 deals in the previous session, representing a decline in the number of deals by 14.31 per cent and a rise in the trading volume and value by 33.09 per cent and 10.81 per cent, respectively.
Universal Insurance was the most active equity on Tuesday with 61.5 million units worth N24.4 million, AIICO Insurance traded 31.7 million units valued at N32.5 million, UBA sold 25.9 million units for N581.9 million, United Capital exchanged 25.3 million units valued at N711.3 million, and NEM Insurance transacted 23.3 million units worth N197.7 million.
