Appetite for Financial Stocks Grows Investors’ Wealth by N60bn

By Dipo Olowookere

Investors in the nation’s stock market gained N60 billion on Monday as they prepare for the end of Ramadan celebration on Wednesday and Thursday.

The Nigerian Exchange (NGX) Limited appreciated by 0.29 per cent yesterday as traders showed a strong appetite for equities in the financial sector as well as in the industrial goods space.

This made the banking, insurance and industrial goods indices rise by 2.89 per cent, 1.33 per cent and 0.08 per cent respectively, though the consumer goods and energy counters depreciated by 0.26 per cent and 0.08 per cent respectively.

At the close of transactions, the All-Share Index (ASI) increased by 133.99 points to 39,312.74 points from 39,198.75 points, while the market capitalisation jumped N60 billion to N20.491 trillion from N20.431 trillion.

Business Post reports that eTranzact was the most traded stock of the session with the sale of 72.2 million units valued at N162.4 million and was trailed by Zenith Bank, which traded 44.0 million units worth N1.0 billion.

Access Bank transacted 23.0 million shares for N189.2 million, UBA exchanged 16.6 million equities worth N119.4 million, while Axa Mansard transacted 16.4 million stocks valued at N14.2 million.

In all, a total of 324.2 million stocks valued at N3.3 billion were traded in 4,867 deals on Monday as against the 238.9 million shares valued at N3.0 billion traded in 3,947 deals last Friday.

The market breadth closed positive yesterday with 28 price gainers and 15 price losers, with Regency Alliance Insurance emerging as the biggest gainer after its value went up by 9.68 per cent to 34 kobo.

ABC Transport appreciated by 9.68 per cent to 34 kobo, Union Bank gained 9.26 per cent to sell for N5.90, Linkage Assurance grew by 8.70 per cent to 75 kobo, while Mutual Benefits Assurance appreciated by 8.11 per cent to quote at 40 kobo.

The heaviest price loser of the day was Unity Bank as its value went down by 8.33 per cent to 55 kobo and was trailed by Japaul, which dropped 6.67 per cent to sell for 56 kobo.

Neimeth went down by 6.04 per cent to N1.71, Flour Mills dropped 4.84 per cent to N29.50, while Chams declined by 4.55 per cent to trade at 21 kobo.