Dipo Olowookere
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited sustained its positive momentum on Wednesday on the back of buying interest in MTN Nigeria, Ecobank, Honeywell Flour, Dangote Sugar and others.
The patronage enjoyed by these stocks and 16 others resulted in the 0.99 per cent growth printed by the trading platform yesterday, boosting the confidence of investors in the market, which recorded a series of losses last week.
As a result, the All-Share Index (ASI) increased by 416.24 points to 42,435.16 points from 42,018.92 points, while the market capitalisation grew by N218 billion to N22.143 trillion from N21.925 trillion.
Topping the gainers’ chart yesterday was Livingtrust Mortgage Bank as its value jumped 9.09 per cent to 96 kobo, trailed by Meyer, which grew by 7.69 per cent to 28 kobo.
Axa Mansard appreciated by 7.25 per cent to N2.22, Dangote Sugar went up by 6.67 per cent to N16.00, while Honeywell Flour chalked up 6.51 per cent to trade at N3.60.
On top of the losers’ table during the session at the stock market was Cutix as a result of the 9.69 per cent loss it recorded, closing at N2.61.
Royal Exchange fell by 8.06 per cent to 57 kobo, Mutual Benefits depreciated by 7.69 per cent to 24 kobo, Sovereign Trust Insurance dropped 4.17 per cent to 23 kobo, while NAHCO declined by 2.51 per cent to N3.50.
Business Post reports that, unlike the preceding session, the five key sectors of the market closed bullish, with the banking, energy, insurance, consumer goods and industrial goods counters finishing higher by 1.83 per cent, 1.14 per cent, 0.62 per cent, 0.41 per cent and 0.10 per cent respectively.
The recent heavy trades in FBN Holdings continued on Thursday and this may be connected to the silent leadership tussle between two billionaires fighting to take charge of the boardroom politics.
The company traded 411.9 million shares worth N5.0 billion, Sterling Bank transacted 64.4 million stocks valued at N95.9 million, GTCO transacted 20.7 million equities worth N501.4 million, UBA sold 14.7 million shares for N116.0 million, while Access Bank exchanged 12.3 million stocks valued at N110.6 million.
In all, a total of 649.8 million equities worth N7.2 billion exchanged hands in 3,757 deals yesterday as against the 639.4 million equities valued at N6.6 billion transacted in 4,564 deals on Tuesday.
This showed that the volume and value of trades appreciated by 1.61 per cent and 8.71 per cent respectively, while the number of deals depreciated by 17.68 per cent.
