Dipo Olowookere
By Dipo Olowookere
The trading indices of the Nigerian Exchange (NGX) Limited remained upbeat on Thursday by 0.27 per cent on the back of persistent bargain-hunting, especially in stocks with sound fundamentals.
This was reflected in the mood of the market as investor sentiment finished strongly as traders await the release of half-year earnings of companies on the stock exchange, particularly the dividend-paying ones.
There were 42 price gainers during the trading day and 21 price losers, indicating a positive market breadth index.
University Press topped the group of advancers after it chalked up 10.00 per cent to close at N2.42, as Eunisell Interlinked gained 9.97 per cent to quote at N3.20. Academy Press increased by 9.95 per cent to N2.43, Chellarans rose by 9.91 per cent to N2.33, and Ikeja Hotel grew by 9.38 per cent to N2.80.
On the flip side, Courteville received a haircut of 9.86 per cent to 64 Kobo, FTN Cocoa shrank by 9.66 per cent to N1.87, Abbey Mortgage Bank deflated by 9.49 per cent to N1.24, May and Baker declined by 9.17 per cent to N5.45, and UPDC lost 8.55 per cent to close at N1.07.
All the key sectors of the bourse performed well yesterday, with the insurance space outshining by 1.19 per cent. The banking index grew by 0.59 per cent, the energy counter appreciated by 0.41 per cent, the consumer goods sector improved by 0.30 per cent, and the industrial goods index went up by 0.01 per cent.
This lifted the All-Share Index (ASI) higher by 173.49 points to 63,930.72 points from 63,757.23 points and raised the market capitalisation by N95 billion to N34.811 trillion from N34.716 trillion.
Business Post reports that UBA traded 961.5 million shares worth N13.3 billion on Thursday to lead the activity chart, followed by Sterling Holdings, which traded 43.7 million stocks valued at N159.0 million. FBN Holdings sold 40.3 million equities for N720.1 million, Japaul exchanged 36.0 million stocks worth N28.0 million, and Universal Insurance transacted 35.1 million equities valued at N8.3 million.
At the close of trades, investors bought and sold 1.4 billion shares worth N18.1 billion in 7,179 deals yesterday versus the 473.5 million shares worth N10.1 billion transacted in 7,403 deals on Wednesday, implying a decline in the number of deals by 3.03 per cent, and growth in the trading volume and value by 187.01 per cent and 79.21 per cent apiece.
