Nigerian Exchange Rallies by 0.49% as Appetite for Stocks Soars

By Dipo Olowookere

Renewed bargain-hunting extended the stay of the bulls at the Nigerian Exchange (NGX) Limited on Tuesday by 0.49 per cent, an analysis of trading data has shown.

This was influenced by the rising appetite for local stocks by investors and traders, who are jostling to quickly key into companies with good prospects, particularly in the financial and energy sectors.

Business Post reports that the energy index appreciated by 4.14 per cent, the banking space rose by 1.45 per cent, the insurance counter improved by 1.30 per cent, the consumer goods sector jumped by 0.45 per cent, and the industrial goods space advanced by 0.04 per cent.

This showed that all the key sectors of the market closed higher yesterday and it consequently raised the All-Share Index (ASI) by 472.85 points to 96,510.13 points from the 96,037.28 points it closed a day earlier and the market capitalisation increased by N272 billion to finish at N55.438 trillion compared with the preceding day’s N55.166 trillion.

The quartet of Julius Berger, John Holt, Neimeth and TotalEnergies gained 10.00 per cent each when trading activities ended for the session to trade at N143.00, N3.08, N2.20, and N619.30, respectively, while SFS REIT chalked up 9.99 per cent to N134.90.

On the flip side, University Press fell by 9.58 per cent to close at N2.17, Cutix depreciated by 6.25 per cent to N3.00, Vitafoam Nigeria declined by 5.17 per cent to N18.35, Transcorp shed 5.08 per cent to settle at N11.20, and Linkage Assurance lost 5.00 per cent to quote at 95 Kobo.

At the stock market on Tuesday, investors traded 443.2 million shares worth N5.6 billion in 8,493 deals versus the 390.5 million shares valued at N3.9 billion traded in 9,242 deals on Monday, indicating a decline in the number of deals by 8.10 per cent and a rise in the trading volume and value by 13.50 per cent and 43.59 per cent, respectively.

Veritas Kapital traded 83.1 million shares valued at N122.4 million, Access Holdings transacted 56.0 million stocks worth N1.1 billion, Universal Insurance exchanged 29.1 million equities for N9.5 million, FBN Holdings traded 23.7 million stocks valued at N519.5 million, and FCMB sold 20.9 million shares for N158.9 million.