Dipo Olowookere
By Dipo Olowookere
The first trading session of the new week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note with a 1.92 per cent growth on Monday triggered by persistent buying pressure, despite the National Bureau of Statistics (NBS) announcing that the inflation rate in December 2023 rose by 28.92 per cent versus 28.20 per cent in the previous month.
The bulls took control of the bourse during the trading day, relegating the bears to the bottom, as reflected in the market breadth index, which was positive.
Analysis of the NGX data for the session showed that 68 stocks ended on the gainers’ log, while eight equities finished on the losers’ table, indicating very strong investor sentiment.
Sovereign Trust Insurance, AXA Mansard, PZ Cussons, Tantalizers, and Chams appreciated by 10.00 per cent each to settle at 66 Kobo, N6.49, N32.45, 55 Kobo, and N2.53, respectively.
On the flip side, Abbey Mortgage Bank topped the laggards’ group after it shed 9.52 per cent of its value to quote at N2.47, Julius Berger dropped 3.54 per cent to trade at N54.50, Custodian Investment slumped by 3.45 per cent to N9.80, Africa Prudential receded by 2.78 per cent to N8.75, and FBN Holdings depreciated by 1.79 per cent to N27.50.
It was observed that the activity level improved yesterday as the trading volume, value, and number of deals rose by 34.45 per cent, 20.88 per cent, and 16.67 per cent apiece.
This was because investors transacted 807.5 million equities worth N11.0 billion in 13,647 deals compared with the 600.6 million equities worth N9.1 billion traded in 11,697 deals last Friday.
Transcorp closed as the busiest stock after transacting 66.9 million units valued at N956.0 million, AIICO Insurance traded 62.3 million units worth N79.0 million, Wema Bank exchanged 41.6 million units for N387.9 million, Jaiz Bank sold 39.2 million units valued at N128.0 million, and FCMB traded 38.2 million units worth N423.1 million.
Business Post reports that the best-performing sector for the trading session was insurance, which closed higher by 7.23 per cent. The industrial goods space increased by 4.40 per cent, the consumer goods index appreciated by 1.78 per cent, the banking counter gained 1.30 per cent, and the energy space grew by 0.08 per cent.
As a result, the All-Share Index (ASI) was elevated by 1,597.93 points to 84,640.89 points from 83,042.96 points, and the market capitalisation went up by N874 billion to N46.317 trillion from N45.443 trillion.
