By Dipo Olowookere
Sustained bargain-hunting, particularly in financial stocks, buoyed the 0.27 per cent growth reported by the Nigerian Exchange (NGX) Limited on Thursday, the last trading session of March 2024.
The buying pressure was inspired by the positive results churned out by Access Holdings Plc the previous day, as investors were impressed with the N1.80 dividend pay-out by the tier-1 lender.
Customs Street was busy yesterday as traders quickly mopped up other shares in the Access Holdings category, especially GTCO, Zenith Bank, and UBA, as they await the result of their audited financial statements for 2023 in the coming days.
Data obtained by Business Post showed that the trading volume, value, and number of deals went up by 27.53 per cent, 39.34 per cent, and 0.85 per cent, respectively.
This was because a total of 623.1 million shares worth N17.0 billion exchanged hands in 10,257 deals at the trading day versus the 488.6 million shares worth N12.2 billion traded in the midweek session in 10,171 deals.
Zenith Bank emerged as the most active equity of the day with 88.4 million units sold for N3.9 billion, GTCO traded 78.7 million units valued at N4.1 billion, Access Holdings transacted 56.7 million units worth N1.4 billion, UBA exchanged 54.9 million units valued at N1.5 billion, and Fidelity Bank traded 50.8 million units worth N504.2 million.
Apart from the energy index, which closed flat on Thursday, every other sector closed in green territory, with the insurance counter rising by 2.61 per cent. The banking space rose by 0.60 per cent, the industrial goods index appreciated by 0.12 per cent, and the consumer goods sector improved by 0.09 per cent.
Consequently, the All-Share Index (ASI) jumped by 278.42 points to 104,562.06 points from 104,283.64 points, and the market capitalisation increased by N158 billion to N59.121 trillion from N58.963 trillion.
Investor sentiment was strong at the trading day, with 39 price advancers and 16 price laggards, implying a positive market breadth index.
Morison Industries topped the gainers’ chart after it chalked up 10.00 per cent to trade at N1.76, Ikeja Hotel surged by 9.91 per cent to N6.43, Julius Berger expanded by 9.73 per cent to N66.00, Omatek grew by 9.72 per cent to 79 Kobo, and UPDC REIT gained 9.57 per cent to settle at N5.15.
The losers’ table was topped by FTN Cocoa, which lost 9.60 per cent to quote at N1.60, ABC Transport declined by 9.41 per cent to 77 Kobo, Guinea Insurance weakened by 7.89 per cent to 35 Kobo, NGX Group slumped by 6.75 per cent to N21.40, and Chams slipped by 6.34 per cent to N1.92.
