Bulls Sustain Control of Nigerian Exchange After 0.23% Gain Midweek

By Dipo Olowookere

The bulls further relegated the bears at the Nigerian Exchange (NGX) Limited on Wednesday after a 0.23 per cent gain influenced by sustained buying pressure.

Apart from the energy counter, which closed flat at midweek, every other sector closed higher, with the insurance index further growing by 2.67 per cent on renewed interest.

The banking space appreciated by 1.71 per cent yesterday, the industrial goods index improved by 0.17 per cent, and the consumer goods sector advanced by 0.03 per cent.

Consequently, the All-Share Index (ASI) jumped by 231.71 points to 100,299.48 points from 100,067.77 points and the market capitalisation rose by N131 billion to settle at N56.738 trillion compared with the previous day’s N56,607 trillion.

Business Post reports that the market breadth index was positive after the bourse ended with 28 price gainers and 19 price losers, indicating a strong investor sentiment.

Cornerstone Insurance gained 9.57 per cent to quote at N2.29, RT Briscoe appreciated by 9.38 per cent to 70 Kobo, IMG expanded by 9.24 per cent to N13.00, UPDC REIT grew by 9.00 per cent to N5.45, and Caverton increased by 6.92 per cent to N1.39.

On the flip side, University Press lost 10.00 per cent to sell for N2.25, DAAR Communications depreciated by 5.88 per cent to 48 Kobo, Omatek fell by 5.80 per cent to 65 Kobo, Neimeth declined by 5.63 per cent to N1.51, and Unity Bank retreated by 5.49 per cent to N1.55.

The activity chart was mixed yesterday after the trading value leapt by 17.07 per cent and the trading volume and number of deals went down by 6.40 per cent and 12.38 per cent, respectively.

A total of 342.2 million equities worth N4.8 billion were traded in 7,592 deals during the session versus the 365.6 million equities worth N4.1 billion that exchanged hands in 8,665 deals on Tuesday.

Fidelity Bank closed the day as the busiest stock after it sold 137.6 million units for N1.4 billion, Universal Insurance traded 21.2 million units valued at N8.6 million, AIICO Insurance transacted 14.9 million units worth N15.6 million, Access Holdings exchanged 14.9 million units valued at N290.9 million, and Cornerstone Insurance traded 9.4 million units worth N21.3 million.