Local Stocks Regain 1.35% on Renewed Buying Interests

By Dipo Olowookere

Renewed buying interests from investors lifted the Nigerian Exchange (NGX) Limited on Tuesday by 1.35 per cent, with consumer goods and banking stocks attracting the buys.

The consumer goods sector gained 1.14 per cent, the banking counter appreciated by 0.63, while the industrial goods index grew by 0.02 per cent. However, the insurance sector lost 0.04 per cent, while the energy sector closed flat.

The dominance of the bulls increased the All-Share Index (ASI) by 675.72 points to close at 50,626.04 points versus Monday’s 49,950.32 points. On its part, the market capitalisation went up by N365 billion to finish at N27.301 trillion in contrast to the previous day’s N26.936 trillion.

At the market yesterday, nine stocks depreciated in price compared with the 19 stocks that gained points and were led by Honeywell Flour, which rose by 9.66 per cent to N2.27. Jaiz Bank appreciated by 9.46 per cent to 81 Kobo, Caverton improved by 8.18 per cent to N1.19, Japaul expanded by 8.00 per cent to 27 Kobo, while Axa Mansard rose by 7.56 per cent to N1.85.

Conversely, McNichols was the biggest price loser as its value went down by 9.76 per cent to settle at 74 Kobo, Coronation Insurance fell by 9.76 per cent to 37 Kobo, Chams depreciated by 8.00 per cent to trade at 23 Kobo, NGX Group declined by 2.73 per cent to sell at N21.35, while UBA decreased by 2.08 per cent to close at N7.05.

During the session, investors bought and sold 129.2 million equities worth N2.9 billion in 4,706 deals in contrast to the 176.1 million equities worth N2.3 billion transacted in 4,965 deals a day earlier. This showed that the trading volume fell by 26.63 per cent, the number of deals fell by 5.22 per cent, while the trading value increased by 25.99 per cent.

FBN Holdings was the most traded stock on Tuesday as it sold 14.6 million units valued at N159.6 million, Multiverse transacted 9.5 million units worth N18.0 million, GTCO sold 9.4 million units valued at N191.0 million, Zenith Bank exchanged 9.3 million units worth N196.3 million, while AIICO Insurance traded 6.4 million units valued at N3.8 million.