By Dipo Olowookere
Trading activities on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note, as the market further improved by 2.38 per cent on the back of continued confidence in local equities.
At the close of business, the All-Share Index (ASI) shattered the 90,000-point barrier after it increased by 2,092.88 points during the trading session, closing at 90,063.25 points compared with the previous day’s 87,970.37 points.
In the same vein, the market capitalisation, which measures the total value of stocks on the NGX, increased by N1.145 trillion yesterday to settle at N49.284 trillion versus Tuesday’s closing value of N48.139 trillion.
The stock exchange witnessed a pocket of profit-taking, especially in the banking space, which weakened its index by 3.26 per cent.
However, this did not affect the outcome of the market when trading activities were brought to an end by 2:30 pm.
This was because bargain-hunting activities in the other sectors were intense, with the industrial goods sector growing by 8.76 per cent. The insurance index appreciated by 3.63 per cent, the consumer goods counter boomed by 1.92 per cent, and the energy sector rose by 0.45 per cent.
Business Post reports that it was a busy day for the NGX in the midweek session as investors transacted more shares, with the trading volume, value, and the number of deals increasing by 18.18 per cent, 1.86 per cent, and 17.77 per cent, respectively.
A total of 1.3 billion shares worth N16.4 billion exchanged hands in 17,471 deals yesterday, compared with the 1.1 billion shares worth N16.1 billion traded in 14,835 deals a day earlier.
Sterling Holdings finished as the most active stock after it traded 106.1 million units worth N800.3 million, Japaul sold 101.1 million units for N268.8 million, Transcorp transacted 90.5 million units valued at N1.6 billion, Jaiz Bank traded 83.1 million units worth N321.5 million, and Unity Bank exchanged 73.4 million units worth N237.7 million.
Investor sentiment remained bullish on Wednesday as the bourse closed with 48 price gainers and 35 price losers, implying a positive market breadth index.
Guinness Nigeria, Honeywell Flour, AIICO Insurance, Wema Bank, and Sunu Assurances gained 10.00 per cent each to finish at N71.50, N4.84, N1.54, N11.66, and N1.76 apiece.
On the flip side, RT Briscoe suffered the heaviest loss after it shed 10.00 per cent to trade at 81 Kobo, Dangote Sugar depreciated by 9.95 per cent to N73.30, NGX Group weakened by 9.84 per cent to N22.90, Red Star Express lost 9.47 per cent to settle at N4.11, and Sterling Holdings went down by 9.09 per cent to N6.90.
