Domestic Stock Market Maintains Upward Movement, Gains 2.03%

By Dipo Olowookere

Investors are gradually building confidence in the domestic stock market again after enduring days of consistent negative trading due to macroeconomic issues like inflation and foreign exchange (FX) scarcity, among others.

On Thursday, the Nigerian Exchange (NGX) Limited further expanded by 2.03 per cent on the back of renewed bargain hunting, especially in the financial and consumer goods sectors.

Data showed that only the industrial goods space lost yesterday as it fell marginally by 0.01 per cent. The consumer goods, energy, insurance and banking counters improved by 0.76 per cent, 0.65 per cent, 0.35 per cent and 0.19 per cent respectively.

The positive performances of these sectors pushed the All-Share Index (ASI) higher by 986.63 points during the session to 49,661.87 points from 48,675.24 points. Also, the market capitalisation increased by N532 billion to close at N26.786 trillion in contrast to the midweek’s value of N26.254 trillion.

Business Post reports that investor sentiment was good on Thursday as the market breadth finished positive with 11 price decliners and 18 price advancers led by CWG, which chalked up 10.00 per cent to trade at 99 Kobo.

Learn Africa stretched by 9.78 per cent to N2.47, Caverton rose by 9.52 per cent to N1.15, Multiverse also climbed higher by 9.52 per cent to N2.30, while Chams expanded by 8.00 per cent to 27 Kobo.

However, the price of Mutual Benefits retreated by 9.68 per cent to 28 Kobo, Honeywell Flour moderated by 8.42 per cent to N2.72, Flour Mills shrank by 7.06 per cent to N27.00, Unity Bank contracted by 4.76 per cent to 40 Kobo, while FCMB withered by 3.51 per cent to N3.02.

Unlike the preceding session, the trading volume improved yesterday by 35.15 per cent, while the trading value and the number of trades waned by 18.08 per cent and 6.29 per cent apiece.

A total of 226.5 million stocks worth N2.8 billion were transacted in 3,515 deals on Thursday in contrast to the 167.2 million stocks worth N3.4 billion transacted in 3,751 deals on Wednesday.

Analysis revealed that Mutual Benefits recorded the highest trading volume with the sale of 74.5 million shares valued at N22.8 million. FBN Holdings transacted 23.4 million equities worth N251.9 million, Access Holdings exchanged 15.9 million stocks for N130.2 million, UBA sold 15.3 million equities worth N107.1 million, while NEM Insurance traded 13.5 million shares for N62.1 million.