Improved Investor Confidence Lifts NGX Index by 0.01%

By Dipo Olowookere

For the first time in seven trading sessions, the Nigerian Exchange (NGX) Limited closed on a positive note on Tuesday after it appreciated by 0.01 per cent.

Improved investor confidence inspired by renewed bargain hunting raised the All-Share Index (ASI) of the bourse by 5.10 points to 49,445.31 points from 49,440.21 points, while the market capitalisation rose by N3 billion to close at N26.670 trillion in contrast to the preceding day’s N26.667 trillion.

Buying pressure was witnessed in the financial stocks, with the banking index growing by 0.22 per cent and the insurance counter expanding by 0.15 per cent.

However, the energy sector depreciated by 2.30 per cent yesterday, the consumer goods counter went down by 0.05 per cent, while the industrial goods decreased by 0.01 per cent.

During the session, investors traded 147.6 million shares worth N2.4 billion in 3,323 deals compared with the 67.4 million shares worth N1.5 billion in 3,386 deals on Monday, representing a decline in the number of deals by 1.86 per cent, an increase in the trading volume by 119.07 per cent, while the trading value went up by 61.72 per cent.

The most attractive stock on Tuesday was GTCO, which sold 35.8 million units valued at N693.7 million and was followed by Capital Hotel, which traded 21.6 million units valued at N73.5 million.

Further, FBN Holdings transacted 20.9 million equities valued at N208.9 million, Zenith Bank exchanged 11.1 million stocks for N219.2 million, while Chams traded 7.9 million shares for N2.4 million.

RT Briscoe finished the day as the best-performing stock after it chalked up 10.00 per cent to trade at 33 Kobo, FBN Holdings appreciated by 5.00 per cent to N10.50, Linkage Assurance improved by 4.35 per cent to 48 Kobo, Regency Assurance gained 4.00 per cent to sell for 26 Kobo, while Mutual Benefits rose by 3.70 per cent to 28 Kobo.

Conversely, Total Energies was the worst-performing equity as it shrank by 9.98 per cent to N211.10, Learn Africa went down by 9.71 per cent to N1.86, Honeywell Flour dropped 8.13 per cent to trade at N2.26, Cutix declined by 6.98 per cent to N2.00, while NPF Microfinance Bank depleted by 6.63 per cent to N1.55.