NGX Gains N1.6trn as Value of Nigerian Stocks Crosses N45trn

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited ended Tuesday’s trading session with another sterling performance, gaining 3.56 per cent at the close of transactions on the back of a persistent appetite for Nigerian stocks.

It was observed that investors showed no signs of slowing down on their bargain-hunting activities, though the energy space witnessed selling pressure, going down by 2.35 per cent yesterday.

But the banking index grew by 8.16 per cent because of sustained interest in the tier-1 banks; the insurance counter appreciated by 6.37 per cent, the consumer goods counter grew by 3.98 per cent, and the industrial goods sector soared by 2.53 per cent.

Consequently, the All-Share Index (ASI) increased by 2,863.26 points to 83,191.84 points from 80,328.58 points, and the market capitalisation added N1.6 trillion to close at N45.524 trillion compared with the previous day’s N43.957 trillion.

The market breadth index, according to data obtained by Business Post, was positive on Tuesday after the bourse finished with 72 price gainers and 13 price losers, representing bullish investor sentiment.

Guinea Insurance, Cadbury Nigeria, FTN Cocoa, FBN Holdings, and Universal Insurance all gained 10.00 per cent each to trade at 44 Kobo, N18.15, N2.20, N28.60, and 33 Kobo, respectively.

On the flip side, TotalEnergies lost 10.00 per cent to sell for N346.50, DAAR Communications fell by 9.40 per cent to N1.06, RT Briscoe depreciated by 8.45 per cent to 65 Kobo, Sunu Assurances slumped by 7.69 per cent to N1.20, and Prestige Assurance declined by 7.41 per cent to 50 Kobo.

A total of 1.4 billion shares worth N24.7 billion exchanged hands in 17,144 deals during the session compared with the 1.2 billion shares worth N15.3 billion traded in 16,081 deals a day earlier, implying a growth in the trading volume, value, and number of deals by 16.67 per cent, 61.44 per cent, and 6.61 per cent, respectively.

Fidelity Bank was the most attractive stock to traders on Tuesday for exchanging 141.8 million units valued at N2.0 billion, FCMB traded 129.0 million units worth N1.5 billion, UBA sold 117.7 million units valued at N3.8 billion, Transcorp transacted 108.3 million units for N1.6 billion, and Access Holdings traded 85.2 million units worth N2.5 billion.