Appetite for Financial, Energy Stocks Raises Nigerian Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.18 per cent on Monday on the back of traders’ appetite for financial and energy stocks.

During the first trading session of the week, the banking index rose by 1.14 per cent, the insurance counter appreciated by 0.04 per cent, and the energy sector gained 0.01 per cent.

The gains were recorded despite sell-offs in the consumer goods space, which led to a 0.10 per cent loss at the close of business, while the industrial goods segment closed flat.

Yesterday, the All-Share Index (ASI) recovered 453.43 points to settle at 252,566.84 points compared with last Friday’s 252,113.41 points, while the market capitalisation added N299 billion to finish at N163.955 trillion compared with the previous trading day’s N163.656 trillion.

The highest price riser for the day was University Press, which chalked up 9.89 per cent to trade at N5.00. CMFC appreciated by 9.82 per cent to close at N3.58, ABC Transport improved by 9.80 per cent to N5.60, Eterna grew by 9.62 per cent to N42.75, and Sovereign Trust Insurance jumped by 9.17 per cent to N2.62.

The biggest price decliner was Fortis Global Insurance, which shed 9.50 per cent to close at N1.81. Trans-Nationwide Express lost 8.47 per cent to quote at N2.70, RT Briscoe declined by 6.07 per cent to N10.05, Coronation Insurance crashed by 6.03 per cent to N2.18, and Omatek slipped by 4.73 per cent to N1.41.

Business Post reports that 32 equities ended on the gainers’ log, while 23 equities finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.

A total of 1.0 billion shares valued at N39.0 billion exchanged hands in 61,517 deals on Monday, in contrast to the 708.9 million shares worth N58.4 billion transacted in 42,496 deals in the previous session, representing a decline in the trading value by 33.22 per cent, and a surge in the trading volume and number of deals by 41.06 per cent and 44.76 per cent, respectively.

For another trading session, Fidelity Bank was the most active stock by volume, with the sale of 527.4 million units for N10.6 billion. Access Holdings transacted 56.3 million units worth N1.8 billion, Chams exchanged 41.4 million units valued at N138.1 million, Zenith Bank traded 24.7 million units for N3.3 billion, and GTCO sold 23.5 million units worth N3.2 billion.