NGX Gains 0.43% as Buying Activities in GTCO, FBNH, Others Intensify

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities.

The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season.

Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the energy sector closing flat.

Consequently, the All-Share Index (ASI) increased by 303.34 points to 71,250.17 points from 70,946.83 points and the market capitalisation jumped by N166 billion to N38.989 trillion from N38.823 trillion.

Investor sentiment remained very strong after the NGX ended with 40 appreciating shares and 16 depreciating shares, implying a positive market breadth index.

Secure Electronic Technology expanded its value by 10.00 per cent to 77 Kobo, Multiverse grew by 9.95 per cent to N7.07, Sunu Assurances rose by 9.92 per cent to N1.33, FBN Holdings increased by 9.86 per cent to N26.75, and Thomas Wyatt soared by 9.82 per cent to N3.02.

On the flip side, Abbey Mortgage Bank lost 9.88 per cent to trade at N1.55, FTN Cocoa declined by 9.09 per cent to N1.50, DAAR Communication shrank by 8.82 per cent to 31 Kobo, Coronation Insurance slumped by 7.14 per cent to 65 Kobo, and Veritas Kapital weakened by 5.41 per cent to 35 Kobo.

It was observed that the level of activity improved yesterday as the trading volume, value and the number of deals went up by 20.95 per cent, 56.34 per cent, and 9.06 per cent apiece.

This was because investors transacted 433.6 million shares worth N11.1 billion in 7,016 deals on Tuesday compared with the 358.5 million shares worth N7.1 billion transacted in 6,433 deals on Monday.

The most active stock for the day was UAC Nigeria, which sold 61.7 million units for N947.4 million and UBA transacted 58.3 million units valued at N1.2 billion. GTCO exchanged 23.0 million shares worth N908.2 million, Nigeria Infrastructure Debt Fund (NIDF) sold 20.5 million equities for N2.2 billion, and Access Holdings traded 20.0 million stocks valued at N377.9 million.