NGX Index Rallies by 0.20% as Investors Pocket N120bn

By Dipo Olowookere

The key performance indices of the Nigerian Exchange (NGX) Limited maintained their upward trend on Tuesday by 0.20 per cent amid renewed interest in local equities.

Business Post reports that investors were mostly attracted to financial stocks during the trading session preceding the sale of some treasury bills by the Central Bank of Nigeria (CBN) at the primary market.

Data showed that the insurance counter grew by 1.22 per cent, the banking index appreciated by 0.91 per cent, the consumer goods space fell by 0.70 per cent, and the energy sector depreciated by 0.31 per cent, while the industrial goods sector closed flat.

When trading activities ended for the session, the All-Share Index (ASI) increased by 197.78 points to 98,892.58 points from 98,694.80 points and the market capitalisation was up by N120 billion to N59.924 trillion from the previous day’s N59.804 trillion.

Like the preceding session, investor sentiment was bullish with the bourse recording 23 price gainers and 15 price losers, implying a positive market breadth index.

Transcorp Hotels gained 9.28 per cent to settle at N106.00, UPDC jumped by 6.90 per cent to N1.55, Universal Insurance rose by 5.88 per cent to 36 Kobo, ABC Transport chalked up 4.65 per cent to trade at N1.35, and UAC Nigeria expanded by 3.96 per cent to N21.00.

On the flip side, John Holt depreciated by 9.84 per cent to N2.75, Tantalizers declined by 9.84 per cent to 55 Kobo, Dangote Sugar waned by 8.82 per cent to N31.00, Regency Alliance slumped by 7.14 per cent to 52 Kobo, and Honeywell Flour slipped by 5.81 per cent to N4.38.

The activity chart was mixed yesterday, with the trading value depleting by 9.78 per cent, the number of deals down by 15.63 per cent and trading volume growing by 45.93 per cent.

A total of 591.0 million shares worth N24.9 billion exchanged hands in 6,987 deals on Tuesday versus the 405.0 million shares valued at N27.6 billion traded in 8,281 deals on Monday.

Champion Breweries transacted 255.3 million stocks worth N1.0 billion during the session to lead the activity chart, Japaul exchanged 108.9 million equities valued at N255.8 million, UBA traded 45.0 million shares for N1.2 billion, FCMB sold 19.2 million stocks valued at N160.4 million, and C&I Leasing transacted 16.9 million shares worth N59.1 million.