Bulls Extend Control on Nigerian Exchange by 0.19%

By Dipo Olowookere

The bulls consolidated their dominance on the Nigerian Exchange (NGX) Limited by 0.19 per cent on Tuesday, thanks to sustained buying pressure on some mid to large-cap stocks.

During the trading day, the consumer goods index appreciated by 0.31 per cent, the insurance sector improved by 0.15 per cent, and the industrial goods counter went up by 0.03 per cent, while the energy index dropped 0.27 per cent due to selling pressure, and the banking space closed flat.

At the close of transactions, the All-Share Index (ASI) was elevated by 133.98 points to 70,613.60 points from 70,479.62 points, and the market capitalisation grew by N86 billion or 0.22 per cent as a result of the listing of 4 billion shares of MeCure Industries at N2.96 each to close at N38.798 trillion from N38.712 trillion.

Like the preceding trading session, investor sentiment remained sluggish after the bourse ended with 25 price losers and 22 price gainers, implying a negative market breadth index.

PZ Cussons topped the advancers’ table after it chalked up 10.00 per cent to close at N22.00, GlaxoSmithKline rose by 9.93 per cent to N14.95, DAAR Communications expanded by 9.52 per cent to 23 Kobo, Japaul increased by 9.35 per cent to N1.52, and International Breweries appreciated by 8.43 per cent to N4.50.

On the flip side, Northern Nigerian Flour Mills topped the decliners’ chart after it lost 10.00 per cent to close at N18.00, The Initiates declined by 9.65 per cent to N1.03, Royal Exchange depreciated by 9.26 per cent to 49 Kobo, Omatek shed 8.77 per cent to 52 Kobo, and Eterna shrank by 8.62 per cent to N13.25.

The activity chart was mixed yesterday after investors traded 449.3 million equities worth N5.5 billion in 7,100 deals compared with the 391.0 million equities worth N7.7 billion traded in 6,837 deals a day earlier, representing a decline in the trading value by 28.57 per cent, an increase in the trading volume and the number of deals by 14.91 per cent and 3.85 per cent, respectively.

FBN Holdings finished the day as the busiest stock, exchanging 52.0 million units for N1.0 billion, Consolidated Hallmark Insurance traded 49.5 million units valued at N49.5 million, Fidelity Bank transacted 42.0 million units worth N381.5 million, UBA exchanged 41.5 million units valued at N847.0 million, and Japaul sold 37.1 million units for N55.2 million.