NGX Trading Indices Close Higher by 0.39%

By Dipo Olowookere

Transactions finished on a positive note on Wednesday on the floor of the Nigerian Exchange (NGX) Limited on the back of renewed bargain hunting.

The NGX trading indices appreciated by 0.39 per cent in the midweek session following gains in the share prices of some blue-chip stocks on the exchange, including Guinness Nigeria, which grew by 9.88 per cent to sell for N87.90.

Caverton appreciated by 9.62 per cent to trade at N1.14, Transcorp gained 8.65 per cent to quote at N1.13, NGX Group expanded by 6.43 per cent to close at N22.35, while Lasaco Assurance increased its value by 5.10 per cent to N1.03.

On the flip side, Consolidated Hallmark Insurance closed the day with a 7.69 loss to trade at 60 Kobo, Unilever Nigeria dropped 7.22 per cent to sell for N12.20, Sovereign Trust Insurance fell by 7.14 per cent to 26 Kobo, UPDC REIT went down by 7.04 per cent to N3.30, while Jaiz Bank declined by 4.44 per cent to 86 Kobo.

Business Post reports that the market breadth was positive as there were 20 price gainers and 12 price losers, indicating a strong investor sentiment.

A total of 367.3 million shares worth N3.2 billion were traded in 3,725 deals during the session as against the 126.0 million shares worth N3.1 billion traded in 4,145 deals a day earlier, indicating a decline in the number of deals by 10.13 per cent and an increase in the trading volume and value by 191.66 per cent and 5.35 per cent respectively.

Sterling Bank ended the session as the most active stock after it sold 162.5 million units valued at N238.9 million, Access Holdings traded 27.7 million units worth N228.0 million, UBA sold 26.6 million units worth N191.3 million, FBN Holdings exchanged 22.4 million units valued at N244.7 million, while Fidelity Bank transacted 20.2 million units for N63.8 million.

Apart from the insurance counter, which dropped 0.10 per cent, every other sector closed bullish, with the consumer goods, banking, industrial goods and energy sectors appreciating by 1.80 per cent, 0.62 per cent, 0.37 per cent and 0.33 per cent respectively.

At the close of business, the All-Share Index (ASI) expanded by 193.82 points to 49,836.51 points from 49,642.69 points, while the market capitalisation increased by N104 billion to close at N26.880 trillion compared with Tuesday’s N26.776 trillion.