Market Gains N18bn as Investors Mop Up Banking, Consumer Goods Stocks

By Dipo Olowookere

Banking and consumer goods stocks were investors’ toast on the floor of the Nigerian Exchange (NGX) Limited on Thursday, further lifting the local bourse marginally by 0.05 per cent at the close of business.

Data obtained by Business Post showed that the banking space rose by 0.94 per cent and the consumer goods index appreciated by 0.07 per cent, while the insurance counter went down by 1.80 per cent, with the energy and industrial goods sectors closing flat each.

At the close of transactions, the All-Share Index (ASI) inched higher by 32.70 points to 67,133.19 points from 67,100.49 points, as the market capitalisation increased by N18 billion to N36.883 trillion from N36.865 trillion.

Thomas Wyatt was the best-performing equity during the session as it gained 9.79 per cent to trade at N2.58, Courteville appreciated by 8.77 per cent to 62 Kobo, DEAP Capital went up by 8.00 per cent to 27 Kobo, Africa Prudential jumped by 7.69 per cent to N7.00, and Unilever Nigeria surged by 6.04 per cent to N14.05.

Conversely, Cornerstone Insurance ended the day as the worst-performing stock after it shed 6.06 per cent to close at N1.55, AXA Mansard lost 3.61 per cent to sell at N4.00, Regency Alliance shrank by 2.86 per cent to 34 Kobo, United Capital declined by 2.07 per cent to N16.55, and Transcorp declined by 2.02 per cent to N6.30.

Analysis showed that there were 22 price gainers yesterday and nine price losers, representing a positive market breadth index and a strong investor sentiment influenced by renewed confidence in the market.

Heavy bargain-hunting was seen in the banking sector on Thursday, with Fidelity Bank emerging as the busiest, trading 61.8 million shares valued at N511.5 million.

Access Holdings transacted 54.5 million stocks worth N860.1 million, UBA exchanged 28.8 million equities for N503.1 million, Zenith Bank sold 20.5 million shares for N649.3 million, and Transcorp traded 12.9 million equities valued at N82.3 million.

Like the preceding day, the activity chart was mixed, with the trading value growing by 2.22 per cent, and the trading volume and the number of deals going down by 24.62 per cent and 0.87 per cent apiece.

A total of 309.3 million shares worth N4.6 billion were transacted during the session in 5,588 deals versus the 410.3 million shares worth N4.5 billion traded in 5,637 deals in the midweek session.