Local Stock Market Rallies by 0.55% on Strong Investor Sentiment

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited extended its positive outcome on Thursday with a 0.55 per cent after a one-day break to commemorate Workers’ Day on Wednesday.

The growth was influenced by strong investor sentiment after the local stock market ended with 29 price gainers and 19 price losers, representing a positive market breadth index.

It was observed that traders showed confidence in the bourse, resulting in all the key sectors of the market closing higher, with the banking index gaining 3.20 per cent.

Further, the energy sector appreciated by 0.95 per cent, the insurance counter improved by 0.67 per cent, the consumer goods space increased by 0.58 per cent, and the industrial goods sector gained 0.01 per cent.

Flour Mills and Presco recorded the biggest price appreciation, 10.00 per cent each, the trade at N33.55, and N229.90, respectively. Sterling Holdings rose by 9.98 per cent to N4.74, Dangote Sugar expanded by 9.90 per cent to N42.75, and Fidson grew by 9.76 per cent to N15.75.

Conversely, NASCON posted the biggest loss, 9.99 per cent, during the session to settle at N47.30, University Press fell by 9.29 per cent to N2.05, Omatek declined by 9.21 per cent to 69 Kobo, Neimeth slumped by 9.09 per cent to N1.80, and Cutix deflated by 7.74 per cent to N2.86.

Business Post reports that the activity chart was mixed yesterday as the trading volume improved by 20.46 per cent, the trading value went down by 63.09 per cent, and the number of deals depreciated by 9.67 per cent.

A total of 665.2 million shares valued at N5.5 billion exchanged hands in 8,446 deals on Thursday versus the 552.2 million shares worth N14.9 billion transacted on Tuesday in 9,350 deals.

Abbey Mortgage Bank topped the activity chart yesterday after it traded 362.8 million stocks valued at N907.1 million, Access Holdings transacted 54.5 million shares for N954.6 million, Veritas Kapital sold 38.8 million equities for N23.1 million, Nigerian Breweries exchanged 31.2 million shares worth N802.4 million, and Transcorp traded 26.6 million stocks valued at N377.4 million.

The renewed buying pressure lifted the All-Share Index (ASI) at the close of transactions by 537.15 points to 98,762.78 points from 98,225.63 points and raised the market capitalisation by N304 billion to N55.857 trillion from N55.553 trillion.