NGX Index Recovers 0.18% on Renewed Bargain-Hunting by Investors

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.18 per cent on Wednesday following renewed bargain-hunting by investors.

The consumer goods sector witnessed profit-taking yesterday as it lost 0.30 per cent, but this was not enough to further weaken the market at the close of trading activities.

This was because the banking space rose by 0.97 per cent, the insurance index appreciated by 0.81 per cent, the energy counter improved by 0.11 per cent, and the industrial goods sector gained 0.02 per cent.

Consequently, the All-Share Index (ASI) increased by 170.46 points to 97,098.98 points from 96,928.52 points, and the market capitalisation expanded by N97 billion to N55.130 trillion from N55.033 trillion.

Investor sentiment was bullish at midweek after the bourse ended with 27 price gainers and 22 price losers, implying a negative market breadth index.

Red Star Express topped the advancers’ group after it went up by 10.00 per cent to N4.18, Oando appreciated by 9.98 per cent to N33.60, RT Briscoe grew by 9.90 per cent to N1.11, United Capital jumped by 9.90 per cent to N16.10, and Industrial and Medical Gases gained 9.87 per cent to trade at N17.25.

On the flip side, Neimeth shed 7.69 per cent to close at N1.80, Honeywell Flour declined by 6.10 per cent to N3.85, Sovereign Trust Insurance waned by 5.56 per cent to 51 Kobo, Deap Capital plunged by 4.00 per cent to 48 Kobo, and Ecobank tumbled by 3.72 per cent to N20.70.

Business Post reports that traders bought and sold 636.5 million equities valued at N12.8 billion in 9,744 deals on Wednesday versus the 449.2 million equities worth N6.7 billion transacted in 9,381 deals on Tuesday, showing a leap in the trading volume, value, and number of deals by 41.70 per cent, 91.05 per cent, 3.87 per cent, respectively.

Access Holdings was the busiest equity at the NGX yesterday with 112.6 million units sold for N2.1 billion, United Capital transacted 74.4 million units valued at N1.2 billion, GTCO exchanged 74.3 million units worth N3.3 billion, Veritas Kapital traded 55.4 million units valued at N55.1 million, and UBA sold 40.6 million units worth N851.7 million.