Dipo Olowookere
By Dipo Olowookere
Customs Street witnessed the return of the bulls on Wednesday following the 1.33 per cent rebound recorded by the Nigerian Exchange (NGX) Limited.
This was influenced by renewed buying interest in some cement and bank equities by investors looking to make additional profits in the coming days.
Also, the market saw an influx of dividend investors, who want a bite of the interim dividends expected to be announced by a few companies listed on the exchange in their half-year results, which should be coming in a few weeks’ time.
When the bourse closed for the session, the All-Share Index (ASI) grew by 808.53 points to 61,523.57 points from 60,715.04 points and the market capitalisation increased by N440 billion to N33.500 trillion from N33.060 trillion.
From the analysis of the market data, investor sentiment was bullish after 43 equities ended on the gainers’ table and 30 equities landed on the losers’ table, indicating a positive market breadth.
Learn Africa improved its value by 9.97 per cent to N3.20, Golden Guinea Breweries appreciated by 9.95 per cent to N2.21, Chellarams expanded by 9.77 per cent to N1.46, John Holt inflated by 9.62 per cent to N1.14, and Omatek gained 9.52 per cent to trade at 46 Kobo.
Business Post saw a pocket of profit-taking yesterday, especially in the insurance sector, though this did not affect the overall performance of the local stock exchange.
NEM Insurance, Mutual Benefits, Lasaco Assurance and Secure Electronic Technology lost 10.00 per cent each to close at N5.58, 54 Kobo, N2.07, and 27 Kobo apiece, and Coronation Insurance fell by 9.88 per cent to 73 Kobo.
On Wednesday, investors traded 846.3 million shares worth N10.3 billion in 9,815 deals versus the 1.1 billion shares worth N12.2 billion traded in 12,194 deals on Tuesday, representing a decline in the trading volume, value and the number of deals by 23.57 per cent, 15.57 per cent, and 19.51 per cent apiece.
FBN Holdings sold the highest number of equities during the session with 89.2 million units valued at N1.7 billion, followed by Transcorp with 89.2 million units worth N323.5 million. Access Holdings transacted 85.9 million units worth N1.5 billion, FCMB traded 85.0 million units for N477.2 million, and UBA transacted 57.5 million units valued at N749.8 million.
Apart from the insurance sector, which fell by 4.68 per cent, every other sector closed in the green territory in the midweek trading day.
The industrial goods space grew by 3.86 per cent due to the interest in cement equities like BUA Cement and Lafarge Africa. The banking counter appreciated by 1.89 per cent, the energy index jumped 0.18 per cent, and the consumer goods sector posted a marginal 0.07 per cent growth.
