Nigerian Exchange Heaves Sigh of Relief, Rebounds by 0.60%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited had a breather on Thursday as it recorded its first appreciation this week after closing higher by 0.60 per cent.

Data indicated that there was bargain-hunting across the key sectors of the market, with the insurance counter chalking up 6.73 per cent at the close of transactions.

Further, the consumer goods space improved by 1.54 per cent, the banking index appreciated by 0.98 per cent, and the energy sector gained 0.03 per cent, while the commodity and the industrial goods sectors closed flat.

As a result, the All-Share Index (ASI) rose by 822.85 points to 138,980.01 points from 138,157.16 points and the market capitalisation increased by N521 billion to N87.937 trillion from N87.416 trillion.

Business Post reports that Customs Street closed yesterday with 41 price gainers and 12 price losers, representing a positive market breadth index and strong investor sentiment.

Ellah Lakes gained 10.00 per cent to close at N12.98, Veritas Kapital also grew by 10.00 per cent to N1.98, Honeywell Flour jumped by 9.95 per cent to N23.20, Royal Exchange expanded by 9.94 per cent to N1.88, and AXA Mansard soared by 9.94 per cent to N15.82.

On the flip side, Austin Laz lost 9.75 per cent to finish at N2.87, Neimeth slipped by 8.33 per cent to N6.05, DAAR Communications dropped 4.44 per cent to trade at 86 Kobo, Champion Breweries declined by 4.15 per cent to N15.00, and Unilever Nigeria slumped by 4.11 per cent to N70.00.

During the session, Sovereign Trust Insurance traded 1.4 billion shares valued at N4.2 billion, Nigerian Breweries exchanged 41.2 million equities worth N2.8 billion, Fidelity Bank transacted 30.6 million stocks for N642.1 million, Zenith Bank sold 26.4 million units valued at N1.7 billion, and Universal Insurance exchanged 24.2 million shares worth N28.2 million.

When the market closed for the day, investors bought and sold 1.8 billion units valued at N16.0 billion in 24,612 deals compared with the 482.8 million units worth N19.7 billion that exchanged hands in 28,193 deals on Wednesday, implying a surge in the trading volume by 272.8 per cent, and a decline in the trading value and number of deals by 18.78 per cent and 12.70 per cent, respectively.