NGX Index Zooms Past 70,000 points as Airtel, 36 Others Gain

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited maintained its upward movement on Wednesday after it closed the first trading session of November 2023 higher by 1.94 per cent.

Sustained buying interest in Airtel Africa and 36 other equities drove the All-Share Index (ASI) above the 70,000-point psychological mark during the trading session.

Business Post reports that the benchmark index appreciated yesterday by 1,345.57 points to 70,581.76 points from the preceding day’s 69,236.19 points.

It was observed that the key focus on financial stocks in the midweek session raised the market capitalisation of the exchange higher by N739 billion to N38.778 trillion from N38.039 trillion.

The insurance sector gained 3.73 per cent on Wednesday as the banking counter grew by 2.21 per cent, offsetting the 0.14 per cent loss recorded by the consumer goods index, as the energy and the industrial goods sector remained unchanged.

The market breadth index was positive yesterday as there were only 16 price losers, indicating that investor sentiment remained bullish.

Airtel Africa chalked up 10.00 per cent to trade at N1,694.10, Chams rose by 9.91 per cent to N2.44, University Press increased by 9.91 per cent to N2.33, NEM Insurance gained 9.90 per cent to finish at N5.55, and FBN Holdings jumped by 9.78 per cent to N19.65.

Conversely, Caverton depreciated by 7.74 per cent to N1.43, Champion Breweries fell by 6.85 per cent to N3.40, C & I Leasing declined by 6.41 per cent to N3.36, UPDC REIT shrank by 2.70 per cent to N3.60, and Unilever Nigeria slipped by 2.44 per cent to N14.00.

It was a busy day on Wednesday as investors transacted 601.7 million shares valued at N11.0 billion in 7,444 deals versus the 483.3 million shares valued at N6.1 billion traded in 8,027 deals on Tuesday, implying a decline in the number of deals by 7.26 per cent, an increase in the trading volume by 24.50 per cent and a rise in the trading value by 80.33 per cent.

UBA closed the day as traders’ delight with a turnover of 163.6 million stocks valued at N3.5 billion, FBN Holdings transacted 94.7 million equities worth N1.8 billion, GTCO exchanged 45.8 million shares for N1.6 billion, Access Holdings sold 36.7 million stocks for N642.0 million, and Universal Insurance traded 34.7 million shares valued at N8.9 million.