Nigerian Stock Market Remains Strong, Gains 0.02%

By Dipo Olowookere

It was another positive day for the Nigerian stock market on Thursday as it closed higher by a marginal 0.02 per cent on the back of sustained buying pressure.

Data from the Nigerian Exchange (NGX) Limited showed that the consumer goods sector prevented the local bourse from being snatched by the bears, which were ready to have a bite.

As the sectorial performance showed, the consumer goods space appreciated by 0.14 per cent, as the insurance, industrial goods, energy and banking counters lost 0.41 per cent, 0.13 per cent, 0.02 per cent, and 0.01 per cent, respectively.

At the close of business, the All-Share Index (ASI) appreciated by 12.54 points to 54,520.20 points from 54,507.66 points, and the market capitalisation increased by N7 billion to N29.696 trillion from N29.689 trillion.

During the session, investors transacted 125.9 million stocks worth N3.6 billion in 2,670 deals, in contrast to the 134.5 million stocks valued at N4.4 billion in 2,905 deals traded on Wednesday, indicating a decline in the trading volume, value, and the number of deals by 6.39 per cent, 18.18 per cent, and 8.09 per cent, respectively.

At the close of business, GTCO was the busiest stock, with the sale of 19.2 million units, trailed by UBA, which traded 14.4 million units. Zenith Bank traded 8.4 million units, Transcorp exchanged 8.4 million units, and Dangote Cement sold 7.2 million units.

Investor sentiment remained at the stock exchange yesterday as there were 17 price gainers and 14 price losers, indicating a positive market breadth.

Tripple Gee gained 9.70 per cent to end at N1.81, Japaul rose by 7.14 per cent to 30 Kobo, RT Briscoe appreciated by 7.14 per cent to 30 Kobo, Living Trust Mortgage Bank increased its value by 6.90 per cent to N2.17, and Veritas Kapital moved up by 5.00 per cent to 21 Kobo.

Conversely, Courteville lost 9.62 per cent to finish at 47 Kobo, CWG depreciated by 8.99 per cent to 81 Kobo, NGX Group fell by 6.69 per cent to N26.50, Coronation Insurance declined by 4.65 per cent to 41 Kobo, and Fidelity Bank went down by 3.27 per cent to N5.03.