NGX Performance Indices Rise 0.23% on Sustained Buying Pressure

By Dipo Olowookere

Sustained buying pressure from investors at the Nigerian Exchange (NGX) Limited kept the key performance indicators in the green territory for another session on Tuesday.

Yesterday, the local bourse closed higher by 0.23 per cent as bargain-hunting persisted, with the major sectors of the market growing.

The insurance counter improved by 1.90 per cent, the industrial goods sector appreciated by 0.55 per cent, the energy index jumped by 0.35 per cent, and the banking and the consumer goods sectors expanded by 0.25 per cent each.

As a result, the All-Share Index (ASI) went up by 225.06 points to 97,972.33 points from 97,747.27 points and the market capitalisation advanced by N136 billion to N59.367 trillion from N59.231 trillion.

Business Post observed that investors are beginning to show faith in Customs Street as the number of price gainers was more than the price losers at 35 to 24, respectively, implying a positive market breadth index and strong investor sentiment.

Unilever Nigeria and Lafarge Africa gained 10.00 per cent each during the trading session to sell for N26.95 and N50.60, respectively, SCOA Nigeria appreciated by 9.94 per cent to N1.88, Eunisell also increased by 9.94 per cent to trade at N14.49, and John Holt grew by 9.89 per cent to N9.33.

Conversely, PZ Cussons lost 9.82 per cent to finish at N22.50, The Initiates declined by 8.70 per cent to N2.10, Berger Paints tumbled by 7.71 per cent to N17.35, Honeywell Flour retreated by 4.85 per cent to N4.12, and Consolidated Hallmark slumped by 4.50 per cent to N1.91.

A total of 334.0 million stocks valued at N6.4 billion were transacted in 9,187 deals on Tuesday versus the 413.4 million stocks worth N5.3 billion traded in 9,004 deals on Monday, indicating a decline in the trading volume by 19.21 per cent, and an increase in the trading value and number of deals by 20.76 per cent and 2.03 per cent, respectively.

Access Holdings was the busiest with the sale of 37.8 million shares worth N910.2 million, Japaul traded 26.5 million stocks valued at N60.8 million, Chams exchanged 23.7 million equities for N47.9 million, Consolidated Hallmark sold 16.4 million stocks valued at N31.5 million, and UBA transacted 16.1 million shares worth N540.0 million.