Dipo Olowookere
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited closed 0.29 per cent higher on Wednesday on the back of sustained bargain hunting in banking, industrial goods and energy stocks.
When the market ended for the day’s session, the banking index rose by 2.25 per cent, industrial goods appreciated by 0.39 per cent, energy gained 0.34 per cent, while the insurance and consumer goods counters depreciated by 1.28 per cent and 0.35 per cent respectively.
Business Post reports that the market breadth was slightly positive as a result of the 22 price gainers and 21 price losers recorded at the midweek session.
Conoil led the gainers’ chart after its share price rose by 9.97 per cent to N18.75 and was followed by Studio Press, which gained 9.88 per cent to sell for N1.78.
Eterna grew by 9.48 per cent to N6.35, University Press appreciated by 9.40 per cent to N1.28, while Lafarge Africa improved by 6.83 per cent to N21.90.
On the losers’ log, Guinness Nigeria occupied the first spot with a price depreciation of 9.89 per cent to settle at N28.70 and was trailed by Portland Paints, which lost 9.85 per cent to finish at N2.38.
Academy Press declined by 9.76 per cent to 37 kobo, Learn Africa went down by 8.26 per cent to N1.00, while Sovereign Trust Insurance depleted by 7.41 per cent to 25 kobo.
It was observed that during the session, investors traded 239.3 million stocks worth N1.7 billion in 3,746 deals compared with the 339.0 million equities worth N2.7 billion traded in 4,203 deals on Tuesday.
This showed that the trading volume, value and number of deals depreciated by 29.43 per cent, 38.48 per cent and 10.87 per cent respectively.
Access Bank ended the day as the most active stock with the sale of 28.2 million units worth N213.2 million, while Fidelity Bank followed with 17.2 million units valued at N38.4 million.
Mutual Benefits Assurance sold 16.8 million shares for N6.0 million, GTBank exchanged 13.7 million equities worth N423.1 million, while Transcorp sold 12.6 million shares valued at N10.2 million.
At the close of business, the All-Share Index (ASI) rose by 112.76 points to 39,128.34 points from 39,015.58 points, while the market capitalisation increased by N59 billion to N20.478 trillion from N20.419 trillion.
