Investors’ Bullish Optimism Further Lifts NGX Index by 0.17%

By Dipo Olowookere

The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business.

Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent.

But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained unchanged.

Consequently, the All-Share Index (ASI) expanded by 123.33 points to 71,353.81 points from 71,230.48 points, while the market capitalisation went down by N133 billion to N39.040 trillion from N39.173 trillion due to the delisting of Union Bank of Nigeria Plc shares from the trading platform of the NGX.

Investor sentiment remained bullish yesterday as the bourse closed with 32 appreciating stocks and 20 depreciating equities, representing a positive market breadth index.

Tantalizers, John Holt, and FBN Holdings topped the gainers’ table on Monday, gaining 10.00 per cent each to settle at 55 Kobo, N1.87, and N22.00 apiece, as Multiverse rose by 9.98 per cent to N6.39, and Sunu Assurances jumped by 9.73 per cent to N1.24.

Conversely, eTranzact topped the losers’ log after it depreciated by 9.46 per cent to N6.70, Unity Bank lost 9.24 per cent to N1.67, Omatek declined by 9.09 per cent to 90 Kobo, RT Briscoe shrank by 8.96 per cent to 61 Kobo, and Guinea Insurance weakened by 5.88 per cent to 32 Kobo.

A total of 746.7 million stocks valued at N6.0 billion exchanged hands in 9,267 deals during the session compared with the 582.8 million stocks worth N4.3 billion traded in 6,874 deals last Friday, indicating an improvement in the trading volume, value and number of deals by 28.12 per cent, 39.54 per cent and 34.81 per cent, respectively.

Universal Insurance was the most active stock with 161.1 million units valued at N46.8 million, Access Holdings transacted 81.5 million units worth N1.5 billion, Unity Bank sold 67.9 million units for N116.9 million, Veritas Kapital traded 45.9 million units worth N17.8 million, and Transcorp exchanged 44.5 million units valued at N294.1 million.