Conoil, Airtel Africa, Lift Stock Market by 0.78% Amid Weak Sentiment

February 21, 2023
Conoil Plc

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded on Monday by 0.78 per cent amid a weak investor sentiment caused by uncertainties in the macroeconomic environment.

Buying interest in most of the sectors of the bourse lifted the stock market yesterday as traders keep an eye on the presidential election this weekend in Nigeria.

Apart from the industrial goods space, which depreciated by 0.05 per cent, every other sector closed in the positive region at the close of transactions.

The energy index appreciated by 0.86 per cent, the baking counter improved by 0.18 per cent, the insurance ecosystem went up by 0.13 per cent, and the consumer goods sector grew by 0.02 per cent.

Consequently, the All-Share Index (ASI) moved up by 419.89 points to 54,224.35 points from 53,804.46 points, as the market capitalisation increased by N229 billion to N29.539 trillion from N29.310 trillion.

The market breadth was negative yesterday despite the growth posted by the exchange, as there were 14 price gainers and 15 price losers.

Conoil gained 9.93 per cent to finish at N38.75, CWG appreciated by 9.88 per cent to 89 Kobo, John Holt rose by 9.77 per cent to N1.46, Living Trust Mortgage Bank improved by 9.57 per cent to N2.52, and Tripple Gee expanded by 9.55 per cent to N2.18.

Conversely, Capital Hotels lost 9.42 per cent to settle at N2.50, Vitafoam depreciated by 7.18 per cent to N19.40, Chams fell by 6.90 per cent to 27 Kobo, NAHCO went down by 3.57 per cent to N8.10, and Ecobank decreased by 2.83 per cent to N12.00.

At the close of business, investors traded 154.6 million shares worth N5.5 billion in 3,095 deals, in contrast to the 172.9 million shares worth N3.8 billion traded in 3,077 deals in the preceding session, indicating a decline in the trading volume by 10.58 per cent, an improvement in the trading value and the number of deals by 44.74 per cent, and 0.58 per cent, respectively.

Business Post reports that GTCO was the most active stock during the session, as it sold 36.7 million units. Zenith Bank traded 30.3 million units, AIICO Insurance transacted 8.3 million units, Axa Mansard traded 7.8 million units, and Living Trust Mortgage Bank exchanged 6.3 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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