Local Stock Market Indices Resuscitate by 0.06%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited printed its first growth of the week on Wednesday after it closed higher by 0.06 per cent due to renewed interest in financial and energy stocks.

Local stock market indices had been in the red in the past trading sessions due to the decision of investors to trim their exposure to equities, sparking selling pressure.

Yesterday’s gain was the second in 11 consecutive trading days, and it came despite a 0.23 per cent loss recorded by the consumer goods sector.

According to data obtained by Business Post, the energy index appreciated by 0.57 per cent, the insurance space rose by 0.36 per cent, and the banking counter soared by 0.14 per cent, while the industrial goods segment closed flat.

At the close of business, the All-Share Index (ASI) grew by 160.02 points to 247,673.65 points from 247,513.63 points, and the market capitalisation increased by N104 billion to N160.812 trillion from N160.708 trillion.

Austin Laz advanced by 10.00 per cent to N2.42, eTranzact gained 9.76 per cent to close at N15.75, Livestock Feeds appreciated by 9.71 per cent to N16.95, CMFC jumped by 9.60 per cent to N3.54, and Fortis Global Insurance improved by 9.37 per cent to N1.75.

On the flip side, UPDC REIT shed 9.96 per cent to finish at N23.50, UPDC declined by 6.02 per cent to N3.90, Regency Alliance lost 4.88 per cent to trade at 78 Kobo, Veritas Kapital shrank by 3.57 per cent to N1.08, and RT Briscoe dipped by 3.14 per cent to N9.25.

A total of 31 equities ended on the gainers chart, while 17 equities were on the losers’ chart, indicating a positive market breadth index and bullish investor sentiment.

As for the activity level, market participants transacted 314.9 million stocks valued at N28.6 billion in 30,956 deals compared with the 394.2 million stocks worth N21.4 billion traded in 38,707 deals on Tuesday, implying an increase in the trading value by 33.65 per cent, and a shortfall in the trading volume and number of deals by 20.17 per cent and 20.03 per cent, respectively.

The busiest equity remained Access Holdings, with a turnover of 99.4 million units valued at N2.8 billion. Zenith Bank sold 17.8 million units worth N2.3 billion, Livestock Feeds transacted 13.4 million units for N214.2 million, GTCO exchanged 12.2 million units valued at N1.6 billion, and UBA traded 11.7 million units worth N504.7 million.