NGX Index Climbs to 52,048.85 points as Investors Turn to Stocks

By Dipo Olowookere

The persistent interest in stocks by domestic and offshore investors further increased the Nigerian Exchange (NGX) Limited by 0.62 per cent on Thursday.

This expanded the All-Share Index (ASI) by 318.98 points to 52,048.85 points from the previous day’s 51,729.87 points as the market capitalisation grew by N174 billion to N28.350 trillion from N28.176 trillion.

Business Post observed that banking equities, especially those in the tier-one category, enjoyed traders’ patronage yesterday, pushing the banking index up by 2.15 per cent.

The consumer goods counter improved by 0.74 per cent, the energy sector appreciated by 0.54 per cent, and the industrial goods space increased by 0.19 per cent, while the insurance index depreciated by 0.02 per cent.

The price movement chart showed the mood of the market on Thursday as investor sentiment was very strong due to the 35 stocks on the gainers’ log and nine stocks on the losers’ table, representing a positive market breadth.

News that Ellah Lakes has partnered with a renowned research institute in Nigeria for the production of high-yield soybean attracted investors to the company as its shares appreciated by 10.00 per cent during the session to settle at N3.96.

Lasaco Assurance also gained 10.00 per cent on Thursday to end at N1.10, International Breweries appreciated by 8.60 per cent to N5.05, Dangote Sugar rose by 7.19 per cent to N17.15, and Sunu Assurances climbed higher by 6.90 per cent to 31 Kobo.

Conversely, Abbey Mortgage Bank lost 10.00 per cent to trade at N1.53, Chellarams depreciated by 9.76 per cent to N1.48, FTN Cocoa declined by 3.57 per cent to 27 Kobo, NAHCO dwindled by 3.55 per cent to N6.80, and Royal Exchange dropped 2.00 per cent to 98 Kobo.

A total of 211.7 million shares worth N7.7 billion were transacted in 3,462 deals yesterday as against the 281.9 million shares worth N8.2 billion that exchanged hands in 3,679 deals on Wednesday. This showed that the trading volume went down by 24.90 per cent, the trading value declined by 6.10 per cent, and the number of deals by 5.90 per cent.

Axa Mansard was the most active equity during the session, as it sold 26.3 million units. GTCO transacted 19.8 million shares, Chams exchanged 17.9 million stocks, Royal Exchange sold 14.2 million equities, and FBN Holdings traded 11.8 million equities.