Bulls Lighten Customs Street by 0.21% on Renewed Buying Pressure

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited returned to the green territory on Thursday following renewed buying pressure from investors, who mopped up some stocks with sound fundamentals.

This came despite profit-taking in the banking and industrial goods sectors, which depreciated by 0.75 per cent and 0.01 per cent, respectively.

The gains recorded during the trading session were due to bargain-hunting in the insurance, consumer goods and energy counters, which closed higher by 1.99 per cent, 1.26 per cent, and 0.39 per cent, respectively.

Consequently, the All-Share Index (ASI) went up by 204.57 points to close at 96,408.22 points compared with the previous day’s 96,203.65 points, and the market capitalisation gained N117 billion to finish at N55.379 trillion versus Wednesday’s closing value of N55.262 trillion.

Oando topped the gainers’ chart after it chalked up 9.98 per cent to trade at N69.95, Julius Berger improved by 9.97 per cent to N172.60, Cornerstone Insurance appreciated by 9.88 per cent to N2.78, Eterna expanded by 9.86 per cent to N30.65, and DAAR Communications increased by 9.84 per cent to 67 Kobo.

Conversely, SCOA Nigeria fell by 9.79 per cent to N1.75, Japaul depreciated by 7.41 per cent to N2.50, Tantalizers lost 6.76 per cent to 69 Kobo, Fidson slumped by 5.45 per cent to N13.00, and Prestige Assurance crashed by 5.26 per cent to 54 Kobo.

Business Post reports investor sentiment remained bullish during the trading session after the bourse finished with 27 price gainers and 23 price losers, indicating a positive market breadth index.

The stock exchange was busy yesterday, with the trading volume and value surging by 113.19 per cent and 57.78 per cent, respectively. However, the number of deals went down by 5.05 per cent.

A total of 952.1 million shares valued at N7.1 billion exchanged hands in 9,636 deals during the session versus the 446.6 million shares worth N4.5 billion transacted in 10,148 deals at midweek.

Consolidated Hallmark ended the day as the busiest equity after transacting 505.8 million units for N673.4 million, FBN Holdings sold 64.1 million units for N1.4 billion, Access Holdings traded 46.9 million units worth N890.3 million, Prestige Assurance exchanged 26.2 million units valued at N14.3 million and Universal Insurance traded 23.3 million units worth N8.5 million.