Investors Gain N273bn from Stock Market at Midweek

March 13, 2024
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By Dipo Olowookere

The Nigerian stock market showed resilience on Wednesday after it closed in the green territory by 0.47 per cent despite divided attention from the treasury bills market.

The Central Bank of Nigeria (CBN) conducted another primary market auction today and the stop rate cleared at 21.12 per cent for the one-year instrument.

However, this did not crumble the Nigerian Exchange (NGX) Limited, though the level of activity waned at the close of transactions.

The trading volume, value and the number of deals depreciated today by 42.21 per cent, 35.92 per cent, and 16.92 per cent, respectively.

This was because investors bought and sold 327.0 million stocks worth N9.1 billion in 9,570 deals compared with the 565.8 million stocks worth N14.2 billion traded in 11,519 deals yesterday.

Transcorp closed the midweek session as the most active after it traded 39.0 million equities valued at N642.2 million, Unity Bank transacted 37.2 million shares for N69.8 million, GTCO exchanged 26.4 million stocks for N1.2 billion, UBA sold 21.3 million shares worth N565.3 million, and FBN Holdings traded 18.6 million equities valued at N625.7 million.

Analysis of the market data revealed that the banking, insurance, consumer goods, and industrial goods sectors appreciated on Wednesday by 1.95 per cent, 0.79 per cent, 0.22 per cent, and 0.03 per cent, respectively, while the energy counter closed flat.

At the close of business, the market capitalisation increased by N273 billion to N58.807 trillion from N58.534 trillion, and the All-Share Index (ASI) grew by 483.05 points to 104,007.49 points from 103,524.44 points.

Investor sentiment was bullish after a positive market breadth index, which was influenced by 32 price gainers and 23 price losers.

Julius Berger and Ecobank soared by 10.00 per cent each to N67.10 and N22.00, NEM Insurance appreciated by 9.92 per cent to N6.65, RT Briscoe expanded by 8.89 per cent to 49 Kobo, and Omatek advanced by 8.70 per cent to 75 Kobo.

On the flip side, SAHCO shed 10.00 per cent to trade at N22.95, Sunu Assurances depleted by 9.62 per cent to N1.41, May & Baker lost 5.90 per cent to close at N5.10, Lasaco Assurance depreciated by 5.66 per cent to N2.00, and Japaul fell by 4.35 per cent to N2.20.

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]

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