Bargain-Hunting Raises NGX Investors’ Wealth by N307bn

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rallied 0.19 per cent on Wednesday following sustained bargain-hunting by investors.

The buying interest cut across almost all the key sectors of the bourse, with investor sentiment bullish, unlike the previous trading day.

Business Post reports that Customs Street recorded 27 advancing equities and 23 declining equities, indicating a positive market breadth index.

Transcorp Power gained 9.97 per cent to close at N203.00, Caverton flew higher by 9.84 per cent to N3.35, eTranzact appreciated by 9.68 per cent to N17.00, Haldane McCall grew by 7.36 per cent to N3.50, and International Energy Insurance rose by 7.27 per cent to N1.77.

On the flip side, Eterna lost 9.94 per cent to quote at N38.50, Sovereign Trust Insurance slipped by 9.91 per cent to N1.91, Learn Africa crashed by 9.84 per cent to N8.25, Cornerstone Insurance dropped 9.30 per cent to trade at N3.90, and Mutual Benefits depreciated by 6.85 per cent to N2.72.

The All-Share Index (ASI) was up by 473.46 points at midweek to 254,762.81 points from the previous day’s 254,289.35 points, while the market capitalisation chalked up N304 billion to finish at N165.415 trillion compared with the previous day’s N165.108 trillion.

The busiest stock on Wednesday was First Holdings, which recorded a turnover of 125.2 million units valued at N12.7 billion. Access Holdings traded 53.7 million units for N1.5 billion, GTCO sold 38.7 million units worth N4.7 billion, NGX Group transacted 36.4 million units valued at N6.0 billion, and Zenith Bank exchanged 29.7 million units for N3.6 billion.

At the close of business, market participants bought and sold 552.3 million shares worth N37.5 billion in 33,047 deals versus the 525.4 million shares valued at N22.6 billion transacted in 39,078 deals a day earlier. This showed that the trading volume rose by 5.12 per cent, the trading value grew by 65.93 per cent, and the number of deals decreased by 15.43 per cent.