Equity Investors Gain N227bn at Midweek as ASI Grows 0.40%

March 6, 2024
Equity Investors
Image Credit: Wall Street Mojo

By Dipo Olowookere

For the third consecutive trading session, the Nigerian Exchange (NGX) Limited ended in the green territory, growing by 0.40 per cent on Wednesday.

The banking sector provided support today after interest in the industrial goods space waned, as the Central Bank of Nigeria (CBN) sold some treasury bills in the primary market, which diverted the attention of traders.

Business Post reports that the All-Share Index (ASI) inched higher by 401.18 points during the session to 99,591.64 points from 99,190.46 points, and the market capitalisation expanded by N227 billion to N56.310 trillion from N56.083 trillion.

Analysis showed that the energy and industrial goods sectors closed flat at midweek, and the consumer goods and insurance indices lost 0.83 per cent and 0.15 per cent, respectively, while the banking counter appreciated by 0.24 per cent.

Investor sentiment was weak today despite the growth achieved by the bourse, as there were 30 depreciating stocks and 18 appreciating equities, indicating a negative market breadth index.

Transcorp Power further grew by 9.99 per cent to N319.40, Transcorp rose by 9.96 per cent to N18.99, FBN Holdings appreciated by 9.95 per cent to N34.25, Africa Prudential jumped by 9.49 per cent to N7.50, and C&I Leasing soared by 9.48 per cent to N3.81.

Conversely, Tantalizers and Ikeja Hotels shrank by 10.00 per cent each to 36 Kobo and N6.75 apiece, NASCON fell by 9.97 per cent to N43.35, Ecobank depreciated by 9.96 per cent to N21.70, and Livestock Feeds dropped 9.82 per cent to N1.47.

The activity chart was mixed today, as investors transacted 416.5 million equities valued at N19.5 billion in 9,338 deals versus the 398.1 million equities worth N31.8 billion traded in 10,976 deals yesterday, representing an expansion in the trading volume by 4.62 per cent, 38.68 per cent, and 14.92 per cent apiece.

Transcorp topped the activity chart with a turnover of 67.3 million shares worth N1.3 billion, FBN Holdings traded 47.7 million stocks valued at N1.6 billion, GTCO exchanged 37.5 million equities for N1.6 billion, Transcorp Power sold 36.9 million shares for N11.8 billion, and UBA transacted 29.8 million equities valued at N660.5 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]

Leave a Reply

Reps Stoppage of Forex Sales
Previous Story

Revenue Leakages: Reps to Create Tax Crimes Commission

global oil market
Next Story

Oil Market Up on Small US Crude Stocks Build, Fed Rate Cut Signal

Latest from Economy

Prop Trading FXCI

Prop Trading Success

In the fast-paced and competitive world of finance, the path to success in proprietary trading can often be elusive. However, by implementing a few

Don't Miss