Market Rises 0.17% as Ellah Lakes Closes as Best-Performing Stock

By Dipo Olowookere

Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities.

The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members.

Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33.

Business Post reports that the stock market came under selling pressure from the financial and energy sectors yesterday, but the bargain-hunting from the consumer goods space tightened the grip of the bulls on the bourse.

Secure Electronic Technology and SCOA Nigeria topped the chart of price losers of 27 stocks, after losing 10.00 per cent each to quote at 27 Kobo, and N1.26 apiece. Multiverse shed 9.93 per cent to trade at N2.72, Cornerstone Insurance depreciated by 8.76 per cent to N1.25, and DAAR Communications slumped by 8.70 per cent to 21 Kobo.

At the close of trades, the consumer goods counter appreciated by 3.07 per cent, the industrial goods landscape closed flat, and the insurance, energy, and banking sectors decreased by 0.37 per cent, 0.16 per cent, and 0.11 per cent, respectively.

The All-Share Index (ASI) improved during the trading day by 482.05 points to 68,359.22 points from 67,877.17 points, and the market capitalisation moved up by N264 billion to N37.414 trillion from N37.150 trillion.

The activity level was mixed on Tuesday after the trading volume went up by 31.32 per cent, while the trading value and the number of deals depreciated by 33.71 per cent and 8.35 per cent apiece.

Investors bought and sold 676.7 million shares worth N5.9 billion in 7,659 deals yesterday versus the 515.3 million shares worth N8.9 billion traded in 8,357 deals on Monday.

Universal Insurance was the busiest equity during the session as it traded 235.2 million units valued at N48.2 million, UBA transacted 69.1 million stocks worth N1.2 billion, Transcorp exchanged 41.6 million equities for N274.2 million, Fidelity Bank sold 34.6 million stocks for N278.2 million, and Chams traded 30.0 million equities valued at N39.8 million.