By Dipo Olowookere
The Nigerian Exchange (NGX) Limited showed no sign of easing soon as it hit a new record on Wednesday after appreciating by 3.00 per cent at the close of transactions.
The All-Share Index (ASI) grew during the session by 2,954.14 points to settle at 101,571.11 points compared with the previous day’s 98,616.97 points.
Similarly, the market capitalisation chalked up N1.617 trillion to close at N55.584 trillion, a new record, compared with Tuesday’s closing value of N53.967 trillion.
The sectorial performance followed the preceding day’s pattern, with the insurance and the banking indices going down by 1.52 per cent and 0.61 per cent apiece.
The industrial goods counter appreciated by 7.64 per cent, the consumer goods space improved by 4.07 per cent, and the energy sector rose by 0.09 per cent.
Unlike the previous trading session, investor sentiment was strong after the bourse closed with 35 price gainers and 32 price losers, indicating a positive market breadth index.
Coronation Insurance gained 10.00 per cent to sell for 88 Kobo, BUA Cement rose by 9.98 per cent to N179.65, Japaul improved by 9.91 per cent to N2.55, University Press appreciated by 9.82 per cent to N3.69, and Tripple Gee soared by 9.69 per cent to N2.83.
At the other end, NEM Insurance lost 10.00 per cent to settle at N7.20, Cadbury Nigeria depreciated by 9.96 per cent to N23.50, The Initiates weakened by 9.92 per cent to N2.27, May & Baker slumped by 9.89 per cent to N6.65, and McNichols dropped 9.88 per cent to trade at N1.46.
Business Post observed that despite the gains recorded by the NGX yesterday, the level of activity went down, with the trading volume, value, and the number of deals dropping 34.65 per cent, 50.92 per cent, and 27.18 per cent apiece.
Investors bought and sold 488.5 million shares valued at N8.0 billion in 12,080 deals versus the 747.5 million shares worth N16.3 billion transacted in 16,589 deals on Tuesday.
Transcorp refused to let go of its top spot on the activity chart after selling 95.1 million shares valued at N1.6 billion during the session. Universal Insurance traded 45.6 million stocks for N18.6 million, Unity Bank exchanged 27.3 million equities worth N74.1 million, Jaiz Bank transacted 27.0 million shares for N76.9 million, and Japaul traded 25.3 million equities worth N64.3 million.
