Selective Buying in Bellwether Stocks Further Raises NGX by 1.28%

By Dipo Olowookere

The decision of investors to cherry-pick stocks with sound fundamentals across categories further lifted the Nigerian Exchange (NGX) Limited by 1.28 per cent on Wednesday.

This selective buying of equities was inspired by the earnings season, as companies that have already released their 2025 financial statements have impressed market participants.

However, the insurance sector experienced profit-taking yesterday, causing its index to go down by 0.84 per cent at the close of business.

But this loss was offset by the 2.33 per cent growth achieved by the banking index, with the other remaining sectors also closing in green. The energy industry appreciated by 1.52 per cent, the industrial goods landscape expanded by 1.20 per cent, and the consumer goods counter improved by 1.09 per cent.

As a result, the All-Share Index (ASI) went up by 2,128.61 points to 168,030.18 points from 165,901.57 points and the market capitalization rose by N1.366 trillion to N107.861 trillion from the previous day’s N106.495 trillion.

Yesterday, 53 equities ended on the advancers’ chart and 26 equities finished on the laggards’ table, indicating a positive market breadth index and strong investor sentiment.

DAAR Communications led the gainers’ group after it surged by 10.00 per cent to sell for N1.87, Berger Paints appreciated by 10.00 per cent to N66.00, Fortis Global Insurance advanced by 10.00 per cent to 22 Kobo, RT Briscoe also jumped by 10.00 per cent to N10.45, and First Holdco improved by 9.92 per cent to N48.75.

Conversely, Red Star Express led the losers’ gang after it went down by 9.97 per cent to N17.15, Deap Capital also fell by 9.97 per cent to N6.86, Union Homes REIT slipped by 9.95 per cent to N69.25, McNichols dipped by 9.93 per cent to N6.53, and eTranzact lost 9.89 per cent to trade at N16.85.

At the midweek’s session, traders transacted 694.8 million shares worth N20.6 billion in 42,095 deals compared with the 736.4 million shares valued at N24.7 billion traded in 46,026 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 5.65 per cent, 16.60 per cent, and 8.54 per cent, respectively.

Chams ended the day as the busiest stock after trading 57.4 million units worth N256.3 million, Universal Insurance transacted 56.2 million units valued at N88.8 million, First Holdco exchanged 35.3 million units for N1.7 billion, Deap Capital traded 26.8 million units valued at N187.0 million, and Wema Bank sold 26.7 million units worth N674.6 million.