Local Bourse Expands by 0.55% as FBN Holdings Remains Busiest Stock

By Dipo Olowookere

It was a positive outcome for the local bourse on Wednesday as it grew by 0.55 per cent on the back of sustained interest in the stock market despite forecasts that the Nigerian economy would face headwinds in the year.

Investors were upbeat in the midweek session at the Nigerian Exchange (NGX) Limited, and they picked equities with sound fundamentals as companies prepare to release their Q4 and full-year earnings in the coming weeks.

At the close of business, the All-Share Index (ASI) jumped by 283.27 points to 51,729.87 points from 51,446.60 points, and the market capitalisation decreased by N154 billion to settle at N28.176 trillion compared with the previous day’s N28.022 trillion.

Business Post reports that the market breadth was positive yesterday as there were 26 appreciating stocks and 12 depreciating stocks, indicating a very strong investor sentiment.

Thomas Wyatt topped the gainers’ chart after it grew by 9.48 per cent to N1.27, Champion Breweries improved by 9.45 per cent to N4.75, FTN Cocoa increased by 7.69 per cent to 28 Kobo, Mutual Benefits rose by 6.67 per cent to 32 Kobo, and Courteville moved up by 6.52 per cent to 49 Kobo.

On the flip side, Chellarams topped the losers’ log after its value went down by 9.89 per cent to N1.64, Royal Exchange dropped 7.41 per cent to N1.00, Coronation Insurance fell by 6.67 per cent to 42 Kobo, Axa Mansard decreased by 6.54 per cent to N2.00, and RT Briscoe declined by 3.57 per cent to 27 Kobo.

Yesterday, the industrial goods sector appreciated by 1.48 per cent, the banking counter rose by 1.05 per cent, and the consumer goods index improved by 0.15 per cent, while the insurance space lost 0.67 per cent, with the energy counter closing flat.

A total of 281.9 million shares worth N8.2 billion were traded in 3,679 deals during the session compared with the 345.5 million shares worth N8.3 billion transacted in 4,184 deals on Tuesday, indicating a decline in the trading volume, value and the number of deals by 18.41 per cent, 1.21 per cent and 12.07 per cent, respectively.

FBN Holdings remained the busiest stock on Wednesday as it transacted 108.9 million units, followed by BUA Cement, which sold 42.4 million units. GTCO exchanged 34.0 million shares, Access Holdings traded 13.5 million stocks, and Transcorp transacted 13.4 million equities.