NGX Index Closes 0.35% Higher on Sustained Buy Pressure

By Dipo Olowookere

The bulls dominated the floor of the local stock exchange on Monday as investors mop up shares in the financial sector with the hopes of selling at higher prices in the coming days.

This sustained buy pressure extended the stay of the Nigerian Exchange (NGX) Limited in positive territory on the first trading session of the new week.

The energy space saw selling pressure yesterday as it dropped 0.64 per cent, though this was not enough to contaminate the equity market at the close of transactions.

This was because the insurance sector rose by 1.34 per cent, the banking index improved by 0.89 per cent, the consumer goods division expanded by 0.39 per cent, and the industrial goods counter gained 0.01 per cent.

Consequently, the All-Share Index (ASI) garnered 181.20 points to close at 52,369.13 points compared with last Friday’s 52,187.93 points, and the market capitalisation leapt by N98 billion to settle at N28.515 trillion versus the preceding session’s N28.417 trillion.

Zenith Bank was the busiest stock of the day, selling 53.4 million units, followed by Access Holdings, which sold 48.0 million units. UBA exchanged 31.1 million units, AXA Mansard traded 23.6 million units, and GTCO transacted 20.1 million units.

At the close of business, investors traded 318.2 million equities worth N4.1 billion in 5,847 deals compared with the 810.8 million equities worth N8.2 billion transacted in 5,313 deals in the previous trading day, indicating an increase in the number of deals by 10.05 per cent, and a decline in the trading volume and value by 60.76 per cent and 50.00 per cent, respectively.

Investor sentiment was strong on Monday as the bourse finished with 31 price gainers and 15 price losers, indicating a positive market breadth.

Ikeja Hotel was the biggest price gainer yesterday as it garnered 9.85 per cent to trade at N2.23, Academy Press moved up by 9.80 per cent to N1.68, Prestige Assurance chalked up 9.76 per cent to settle at 45 Kobo, NPF Microfinance Bank appreciated by 9.71 per cent to N1.92, and C & I Leasing rose by 9.69 per cent to N3.51.

On the flip side, NCR Nigeria closed the session as the heaviest price loser as it went down by 9.71 per cent to N2.79, Sovereign Trust Insurance shed 8.89 per cent to 41 Kobo, Neimeth depreciated by 7.33 per cent to N1.39, Ardova lost 6.95 per cent to quote N18.75, and Royal Exchange fell by 5.77 per cent to 49 Kobo.