Banking Stocks Lead NGX Index to Cross 72,000-Point Mark

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.55 per cent on Wednesday, following persistent buying pressure from investors.

This increased the All-Share Index (ASI) by 392.53 points to settle at 72,299.79 points compared with the previous day’s 71,907.26 points, as the market capitalisation expanded by N215 billion to close at N39.564 trillion compared with Tuesday’s closing value of N39.349 trillion.

Data from the bourse showed that the banking space grew by 3.42 per cent. The insurance counter expanded by 0.88 per cent, and the industrial goods sector increased by 0.01 per cent, while the energy and consumer goods sectors depreciated by 0.20 per cent and 0.18 per cent apiece.

During the session, 34 stocks ended on the price gainers’ table, while 16 stocks finished on the price losers’ chart, indicating a positive market breadth index and a strong investor sentiment.

SCOA Nigeria topped the advancers’ log after it gained 9.88 per cent to trade at N1.78, Infinity Trust Mortgage Bank grew by 9.86 per cent to N2.34, Access Holdings improved by 8.09 per cent to N22.05, Cornerstone Insurance soared by 7.41 per cent to N1.45, and Transcorp Hotels chalked up 6.83 per cent to N46.90.

Conversely, University Press lost 9.82 per cent to close at N2.48, Sunu Assurances depreciated by 9.38 per cent to N1.16, Eterna went down by 8.03 per cent to N11.45, Flour Mills fell by 4.57 per cent to N30.30, and Chams weakened by 4.04 per cent to N1.90.

A total of 433.2 million equities worth N8.1 billion in 6,650 deals compared with the 319.6 million equities worth N5.9 billion traded in 6,498 deals, indicating an increase in the trading volume, value and the number of deals by 35.54 per cent, 37.29 per cent, and 2.34 per cent, respectively.

Access Holdings was the most active stock after it sold 60.2 million units for N1.3 billion, GTCO transacted 49.4 million units worth N2.0 billion, Zenith Bank traded 44.8 million units valued at N1.6 billion, Sterling Holdings exchanged 34.5 million units worth N139.7 million, and UBA traded 29.3 million units valued at N696.0 million.