Nigerian Stock Market Opens Week With 0.79% Growth

By Dipo Olowookere

The first trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note, with a 0.79 per cent appreciating driven by renewed interest in local stocks.

Analysis of the NGX data showed that the consumer goods index went up by 3.54 per cent, and the banking counter improved by 0.05 per cent, while the commodity and industrial goods sectors closed flat.

However, profit-taking crushed the insurance industry by 0.23 per cent, and the energy space depreciated by 0.09 per cent.

The selling pressure on the two sectors did not put a dent on the Nigerian stock market as the two major performance indicators ended in green.

Business Post reports that the All-Share Index (ASI) closed higher by 1,113.31 points to 141,659 points from 140,545.69 points and the market capitalisation grew by N705 billion to N89.627 trillion from N88.922 trillion.

There were 32 appreciating equities and 30 depreciating equities on the first trading day of the week, indicating a positive market breadth index and strong investor sentiment.

LivingTrust Mortgage Bank gained 9.96 per cent to close at N5.08, eTranzact expanded by 9.70 per cent to N16.40, Regency Alliance improved by 9.64 per cent to N1.82, Northern Nigeria Flour Mills increased by 8.62 per cent to N93.90, and Unilever Nigeria grew by 8.41 per cent to N72.80.

On the flip side, McNichols lost 9.90 per cent to trade at N3.55, Honeywell Flour shrank by 9.13 per cent to N20.90, UAC Nigeria depreciated by 8.01 per cent to N67.15, Omatek slumped by 7.58 per cent to N1.22, and Champion Breweries declined by 6.00 per cent to N15.98.

Yesterday, investors traded 555.1 million shares worth N24.1 billion in 31,578 deals compared with the 434.7 million shares valued at N16.2 billion transacted in 23,729 deals, representing a surge in the trading volume, value, and number of deals by 27.70 per cent, 48.77 per cent, and 33.08 per cent, respectively.

UAC Nigeria topped the activity chart with 67.2 million stocks sold for N4.5 billion, Regency Alliance traded 57.2 million shares worth N98.1 million, Access Holdings transacted 37.7 million equities valued at N1.0 billion, Lasaco Assurance exchanged 32.8 million shares for N98.5 million, and Chams posted a turnover of 32.6 million stocks worth N115.6 million.