Investors’ Persistent Buying Interests Drive NGX Index Higher by 0.02%

By Dipo Olowookere

The persistent buying interests of investors on the floor of the Nigerian Exchange (NGX) Limited ensured that the upward trajectory of the bourse was maintained by 0.02 per cent on Wednesday.

Bargain-hunting activities were seen around the industrial goods and the insurance sector during the session, with a pocket of buying pressure on tickets in the banking and consumer goods spaces.

According to data obtained by Business Post, the insurance and industrial goods counters appreciated by 0.86 per cent and 0.07 per cent apiece, while the banking, consumer goods and energy sectors finished lower by 0.08 per cent, 0.06 per cent, and 0.05 per cent, respectively.

When the market closed for the session, the All-Share Index (ASI) was up by 11.35 points to 54,507.66 points from 54,496.31 points, and the market capitalisation rose by N6 billion to N29.689 trillion from N29.683 trillion.

Investor sentiment was strong in the midweek session as the market breadth was positive after recording 20 appreciating stocks and 16 depreciating stocks.

Tripple Gee maintained its positive momentum by topping the gainers’ chart, with a price appreciation of 10.00 per cent to settle at N1.65. Linkage Assurance grew by 7.14 per cent to 45 Kobo, Consolidated Hallmark Insurance rose by 4.62 per cent to 68 Kobo, Ikeja Hotel expanded by 4.00 per cent to N1.04, and FTN Cocoa increased by 3.57 per cent to 29 Kobo.

On the flip side, Sovereign Trust Insurance topped the losers’ log after it fell by 6.67 per cent to 28 Kobo, Japaul lost 6.67 per cent to close at 28 Kobo, NASCON depreciated by 3.57 per cent to N10.80, Chams shed 3.45 per cent to 28 Kobo, and FCMB shrank by 3.26 per cent to N4.45.

Investors transacted 133.5 million shares worth N4.4 billion in 2,905 deals compared with the 177.9 million shares worth N5.7 billion in 3,617 deals traded a day earlier, indicating a decline in the trading volume, value and the number of deals by 24.40 per cent, 22.81 per cent, and 19.68 per cent, respectively.

GTCO was the most active stock yesterday as it sold 42.4 million units, UBA exchanged 13.1 million units, AIICO Insurance traded 6.7 million units, FBN Holdings transacted 6.4 million units, and Access Holdings traded 5.5 million units.