Bulls Retain Bragging Rights on NGX, as Investors Gain N21bn

By Dipo Olowookere

The stay of the bulls on the floor of the Nigerian Exchange (NGX) Limited extended for another trading session after a 0.06 per cent appreciation on Thursday.

The market witnessed sustained buying pressure yesterday as investors spiced up their portfolios with energy and consumer goods stocks during the session.

This consequently left 33 equities on the price gainers’ chart and 31 equities on the price losers’ table, indicating a positive market breadth index and a strong investor sentiment.

NEM Insurance gained 10.00 per cent to sell for N6.93, Cornerstone Insurance appreciated by 9.90 per cent to N1.11, SAHCO improved by 9.74 per cent to N8.45, Coronation Insurance jumped by 9.30 per cent to 94 Kobo, and Africa Prudential grew by 9.09 per cent to N6.60.

Conversely, Lasaco Assurance topped the losers’ side after its value went down by 10.00 per cent to N2.34, Sovereign Trust Insurance lost 9.84 per cent to trade at 55 Kobo, Unity Bank depreciated by 9.63 per cent to N1.22, Secure Electronics dwindled by 9.52 per cent to 38 Kobo, and Ikeja Hotel decreased by 9.06 per cent to N2.91.

The insurance and consumer goods sectors appreciated by 1.12 per cent and 0.43 per cent apiece, as the banking and industrial goods sectors depreciated by 0.62 per cent and 0.02 per cent apiece.

When the closing bell was beaten on Thursday, the All-Share Index (ASI) increased by 37.60 points to 59,361.55 points from 59,323.95 points, and the market capitalisation expanded by N21 billion to N32.323 trillion from N32.302 trillion.

Investors traded 615.9 million shares worth N6.6 billion in 7,459 deals during the session compared with the 643.0 million shares worth N6.1 billion traded in 7,806 deals on Wednesday, representing a decline in the trading volume and the number of deals by 4.22 per cent and 4.45 per cent, respectively, and an increase in the trading value by 8.20 per cent.

Coronation Insurance recorded the highest number of transactions with the sale of 97.2 million units valued at N91.3 million, UBA traded 48.1 million units for N546.6 million, Universal Insurance sold 43.4 million units for N9.6 million, GTCO traded 34.6 million units valued at N1.1 billion, and Access Holdings exchanged 32.9 million units worth N487.2 million.