NGX Maintains Upright Posture as Investors go for Financial Stocks

February 3, 2024
NGX 30 Index

By Dipo Olowookere

The last trading session of this week ended on a positive note on the floor of the Nigerian Exchange (NGX) Limited on Friday, with a 1.57 per cent growth propelled by an appetite for financial stocks.

Data showed that the banking space expanded by 4.37 per cent at the close of transactions, with the insurance counter appreciating by 4.44 per cent.

Further, the consumer goods index improved by 1.74 per cent, the industrial goods counter went up by 0.16 per cent, and the energy sector grew by 0.01 per cent.

Consequently, the All-Share Index (ASI) closed higher by 1,618.98 points to 104,421.23 points from 102,802.25 points and the market capitalisation increased by 1.60 per cent or N898 billion to N57.158 trillion from N56.260 trillion.

The market breadth index was positive yesterday after the NGX ended with 61 price gainers and 12 price losers, representing strong investor sentiment.

The trio of Sterling Holdings, Neimeth, and Transcorp gained 10.00 per cent each during the session to close at N6.60, N2.09, and N15.40, respectively, as Meyer and PZ Cussons rose by 9.97 per cent each to N4.30, and N36.40 apiece.

On the other side, John Holt depreciated by 10.00 per cent to lead the losers’ chart, closing at N2.43, as Morison Industries slumped by 9.76 per cent to N3.05. NEM Insurance crumbled by 9.15 per cent to N7.45, Deap Capital slipped by 8.22 per cent to 67 Kobo, and Lasaco Assurance moderated by 5.20 per cent to N2.55.

Business Post observed that the market was busy on Friday as a result of a sustained bargain-hunting, with investors trading 943.5 million shares worth N23.5 billion in 11,512 deals versus the 861.0 million shares worth N12.2 billion traded in 12,851 deals on Thursday, indicating a decline in the number of deals by 10.42 per cent, and an improvement in the trading volume and value by 9.58 per cent and 92.62 per cent apiece.

FBN Holdings closed the session as the most traded stock with a turnover of 338.8 million units valued at N8.9 billion, and GTCO sold 80.6 million units for N3.3 billion. Transcorp traded 55.0 million units worth N834.8 million, UBA transacted 49.6 million units valued at N1.4 billion, and Access Holdings exchanged 38.8 million units worth N1.1 billion.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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