Buying Interest in Transcorp, Zenith Bank, Others Leave NGX Higher by 0.08%

By Dipo Olowookere

It was another bullish moment at the Nigerian Exchange (NGX) Limited on Wednesday as it closed higher by 0.08 per cent, spurred by buying interest in Transcorp, Zenith Bank and others.

Transcorp recorded another significant surge in the sale of its shares during the session, selling 1.1 billion units valued at N2.1 billion to finish at the busiest stock.

Fidelity Bank traded 19.5 million equities valued at N102.6 million, Zenith Bank exchanged 16.5 million shares worth N359.1 million, GTCO traded 15.1 million stocks worth N380.0 million, and Dangote Sugar transacted 9.0 million shares valued at N154.8 million.

At the close of transactions, investors traded 1.3 billion equities worth N4.0 billion in 3,505 deals, in contrast to the 1.8 billion stocks worth N5.0 billion transacted in 4,669 deals, representing a decline in the trading volume, value and the number of deals by 27.78 per cent, 20.00 per cent, and 24.93 per cent apiece.

Business Post reports that investor sentiment buoyed the upward trajectory witnessed at the exchange yesterday as the market finished with nine price losers and 25 price gainers.

Transcorp chalked up 9.85 per cent to trade at N2.23, International Breweries rose by 6.74 per cent to N4.75, Academy Press gained 6.56 per cent to quote at N1.30, Livestock Feeds appreciated by 4.26 per cent to 98 Kobo, and RT Briscoe inflated its value by 4.17 per cent to 25 Kobo.

On the other side, FTN Cocoa lost 3.85 per cent to trade at 25 Kobo, Prestige Assurance dropped 2.50 per cent to quote at 39 Kobo, Nigerian Breweries deflated by 1.50 per cent to N36.20, Lafarge Africa went down by 1.47 per cent to N23.40, and Africa Prudential fell by 0.92 per cent to N5.40.

At the stock market in the midweek session, the energy index declined by 1.33 per cent and the industrial goods counter depleted by 0.07 per cent.

However, the banking sector grew by 0.77 per cent, the insurance counter improved by 0.67 per cent, and the consumer goods space went up by 0.08 per cent.

At the close of business, the All-Share Index (ASI) moved up by 39.49 points to 51,178.41 points from 51,138.92 points, while the market capitalisation increased by N18 billion to N27.871 trillion from N27.853 trillion.