NGX Closes 0.12% Higher as Investors Buy Banking Stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.12 per cent on Wednesday amid buying interest in banking stocks and others.

Analysis showed that the banking index grew during the session by 0.22 per cent, the energy counter appreciated by 0.08 per cent, and the consumer goods sector improved by 0.05 per cent.

However, the insurance counter witnessed a 0.14 per cent loss, as the industrial goods sector remained unchanged at the close of transactions.

Business Post reports that when it was 2:30 pm after the market closed for the session, the All-Share Index (ASI) was up by 59.25 points to 49,475.43 points from 49,416.18 points, while the market capitalisation grew by N32 billion to N26.948 trillion from N26.916 trillion.

At the midweek trading day, the volume of shares transacted by market participants increased by 310.79 per cent to 411.2 million units from 100.1 million units, the value of stocks traded by investors went up by 392.31 per cent to N6.4 billion from N1.3 billion, while the number of deals went down by 6.09 per cent to 2,992 deals from 3,186 deals.

This improvement in the level of activity was influenced by a significant sale of UPDC REIT equities, 245.3 million units. FBN Holdings transacted 55.9 million units, Geregu Power exchanged 25.0 million units, Zenith Bank traded 7.6 million units, and GTCO sold 6.9 million units.

The market breadth closed positive yesterday, with 21 appreciating stocks and 11 depreciating equities, indicating a very strong investor sentiment.

University Press topped the gainers’ chart during the session after it rose by 9.83 per cent to N1.90, Thomas Wyatt gained 9.68 per cent to trade at 68 Kobo, Africa Prudential rose by 9.35 per cent to N5.85, Champion Breweries improved by 4.88 per cent to N4.30, and Chams expanded by 4.76 per cent to 22 Kobo.

On the flip side, Japaul topped the losers’ chart after its value went down by 3.70 per cent to 26 Kobo, Mutual Benefits dropped 3.45 per cent to 28 Kobo, FTN Cocoa slipped by 3.33 per cent to 29 Kobo, Wema Bank deflated by 2.73 per cent to N3.21, and Coronation Insurance shed 2.44 per cent to 40 Kobo.