NGX Index Rises 0.32% on Improved Trading Volume

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.32 per cent on Thursday backed by double-digit growth in the trading volume.

Business Post reports that the volume of shares transacted by investors yesterday rose by 52.82 per cent to 201.8 million units from 132.1 million units transacted on Wednesday.

However, the value of trades went down by 37.17 per cent to N1.7 billion from N2.7 billion, while the number of deals depreciated by 1.00 per cent to 3,274 deals from 3,307 deals.

Courtville was the most traded stock of the session, selling 34.8 million units valued at N10.1 million and was trailed by Ecobank, which transacted 18.7 million units worth N102.1 million.

Transcorp traded 12.8 million shares valued at N12.5 million, NAHCO exchanged 11.3 million stocks for N31.8 million, while Honeywell Flour Mills transacted 11.0 million equities worth N32.7 million.

At the exchange yesterday, the market breadth closed positive with 23 appreciating stocks and 16 depreciating stocks, indicating a positive investor sentiment.

The duo of NAHCO and Neimeth was the best-performing equities, appreciating by 10.00 per cent each to settle at N2.97 and N1.87 respectively.

Honeywell Flour gained 9.96 per cent to sell at N2.98, BOC Gases grew by 9.90 per cent to trade at N11.10, while Pharma Deko appreciated by 9.79 per cent to N1.57.

At the other end, Nigerian Breweries was the worst-performing stock, losing 8.77 per cent to quote at N52.00, trailed by Consolidated Hallmark Insurance, which fell by 6.67 per cent to 42 kobo.

Sovereign Trust Insurance declined by 3.70 per cent to 26 kobo, Ecobank lost 3.64 per cent to trade at N5.30, while FCMB decreased by 3.50 per cent to N3.03.

At the close of business, it was observed that the insurance and industrial goods sectors were the main driver of the bullish outcome reported by the bourse as the sectors grew by 0.77 per cent and 0.22 per cent respectively.

The consumer goods counter went down by 1.68 per cent, the energy sector depreciated by 0.07 per cent, while the banking sector deflated by 0.06 per cent.

However, the All-Share Index (ASI) increased on Thursday by 124.62 points to 39,670.29 points from 39,545.67 points, while the market capitalisation rose by N65 billion to N20.669 trillion from N20.604 trillion.