By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 1.28 per cent on Wednesday on the back of persisted bargain-hunting activities from investors, who have shown fresh confidence in the local stocks.
The growth recorded in the midweek session propelled the benchmark index above 73,000 points, as the All-Share Index (ASI) surged by 927.61 points to 73,397.71 points from 72,470.10 points.
Also, during the trading session, the value of Nigerian stocks, as captured by the market capitalisation, increased by N508 billion to N40.165 trillion from N39.657 trillion.
Business Post reports that the price gainers gang had 37 members, while the price losers’ group finished with 24 members, representing a positive market breadth index and a bullish investor sentiment.
Transcorp and Multiverse ended the session as the best-performing stocks after they rose by 10.00 per cent each to trade at N7.70 and N11.55 apiece. Infinity Trust gained 9.97 per cent to sell for N3.75, eTranzact jumped by 9.73 per cent to N6.20, and Caverton expanded by 9.66 per cent to N1.93.
On the flip side, Tantalizers ended as the worst-performing equity after it shed 10.00 per cent to quote at 45 Kobo, Thomas Wyatt depreciated by 9.86 per cent to N2.65, The Initiates slumped by 9.32 per cent to N1.07, Juli shrank by 9.23 per cent to 59 Kobo, and Chams moderated by 9.05 per cent to N1.81.
It was observed that the consumer goods sector was under selling pressure yesterday, losing 0.23 per cent, though it did not impact the outcome of the bourse at the close of transactions.
The insurance counter gained 0.83 per cent, the banking index rose by 0.75 per cent, the industrial goods space improved by 0.11 per cent, and the energy sector increased by 0.05 per cent.
The level of activity improved during the trading day, with the trading volume, value, and the number of deals growing by 34.87 per cent, 82.86 per cent, and 15.14 per cent, respectively.
A total of 554.6 million shares worth N12.8 billion were traded in 7,910 deals on Wednesday versus the 411.2 million shares worth N7.0 billion traded in 6,870 deals on Tuesday.
GTTO closed the day as the most active as it transacted 89.5 million equities valued at N3.6 billion, Access Holdings traded 59.7 million stocks worth N1.4 billion, Transcorp exchanged 52.0 million shares valued at N374.6 million, FCMB sold 29.4 million stocks for N212.0 million, and UBA traded 24.8 million equities worth N625.6 million.
