By Dipo Olowookere
The Nigerian Exchange (NGX) Limited reported its first growth in 10 consecutive trading sessions on Tuesday after it closed higher by 0.02 per cent at the close of business.
The local bourse has come under pressure in the past trading days due to profit-taking by investors, who are rebalancing their portfolios due to various reasons, including the tough macroeconomic environment.
Business Post reports that the consumer goods and the energy sectors offset the losses printed by financial and industrial goods counters.
According to data from the bourse, the insurance sector lost 1.43 per cent, the banking sector shed 0.50 per cent, and the industrial goods space declined by 0.01 per cent, while the energy and the consumer goods sectors appreciated by 0.12 per cent and 0.04 per cent, respectively.
Consequently, the All-Share Index (ASI) increased by 11.54 points to 51,138.92 points from 51,127.38 points, while the market capitalisation grew by N3 billion to N27.853 trillion from N27.850 trillion.
There was an improvement in the level of activity yesterday as a total of 1.8 billion shares worth N5.0 billion exchanged hands in 4,669 deals compared with the 226.6 million shares worth N1.6 billion transacted in 4,373 deals on Monday, representing an increase in the trading volume, value and the number of deals by 703.18 per cent, 212.50 per cent, and 6.77 per cent, respectively.
The surge in the turnover was due to the sale of 1.6 billion shares of Transcorp worth N3.1 billion. Living Trust Mortgage Bank traded 70.0 million stocks worth N205.1 million, Fidelity Bank exchanged 16.0 million equities valued at N82.3 million, Sterling Bank exchanged 13.5 million shares valued at N19.9 million, and UBA sold 13.1 million stocks worth N102.1 million.
The market breadth was flat as there 21 price gainers and losers, with Transcorp gaining 9.73 per cent to trade at N2.03. RT Briscoe gained 9.09 per cent to sell at 24 Kobo, International Energy Insurance rose by 7.50 per cent to N1.29, NAHCO improved by 5.45 per cent to N11.60, and Africa Prudential appreciated by 4.81 per cent to N5.45.
On the flip side, Vitafoam lost 8.65 per cent to finish at N16.90, Linkage Assurance fell by 8.33 per cent to 44 Kobo, Chams declined by 8.00 per cent to 23 Kobo, Sovereign Trust Insurance shed 6.90 per cent to 27 Kobo, and Courteville depleted by 6.67 per cent to 42 Kobo.
