Investors Gain N265bn as PZ Cussons Stock Price Rises 10%

By Dipo Olowookere

Trading activity resumed on the floor of the Nigerian Exchange (NGX) Limited on Monday after it closed last Thursday due to the public holiday observed on Friday to celebrate Eid-ul Mawlid.

The exchange rallied by 030 per cent yesterday as a result of renewed buying pressure, especially on mid and large-cap equities on Customs Street.

PZ Cussons gained 10.00 per cent at the close of business to quote at N35.20, University Press also appreciated by 10.00 per cent to N5.50, Ellah Lakes grew by 9.94 per cent to N14.27, Legend Internet improved by 9.90 per cent to N5.44, and NCR Nigeria soared by 9.84 per cent to N13.95.

On the flip side, the quartet of Enamelware, IMG, Union Dicon, and Thomas Wyatt lost 10.00 per cent each to settle at N35.10, N33.30, N10.80, and N2.70, respectively, and Academy Press weakened by 9.95 per cent to trade at 8.60.

Business Post reports that the bourse finished with 41 price advancers and 18 price laggards, representing a positive market breadth index and strong investor sentiment.

A total of 947.9 million stocks valued at N18.0 billion exchanged hands in 36,036 deals on the first trading session of the week versus the 1.8 billion stocks worth N16.0 billion transacted in 24,612 deals at the last trading day.

This showed that the volume of trades went down by 47.34 per cent, and the value of transactions and the number of deals went up by 12.50 per cent and 46.42 per cent, respectively.

FCMB was the busiest equity on Monday after it sold 461.0 million units for N4.7 billion, Universal Insurance exchanged 42.2 million units worth N53.4 million, Royal Exchange traded 35.2 million units valued at N72.5 million, Zenith Bank transacted 26.7 million units for N1.7 billion, and First HoldCo closed with 25.9 million units valued at N791.0 million.

As for the performance indicators, the All-Share Index (ASI) increased by 414.74 points to 139,394.75 points from 138,980.01 points and the market capitalisation advanced by N265 billion to N88.199 trillion from N87.934 trillion.

Apart from the banking index, which lost 0.53 per cent, and the energy counter, which closed flat, every other sector ended in green on Monday.

The insurance space improved by 3.16 per cent, the commodity sector appreciated by 1.60 per cent, the consumer goods expanded by 0.60 per cent, and the industrial goods garnered 0.02 per cent.