By Dipo Olowookere
The direction of the nation’s stock market was changed from south to north on Tuesday following a renewed interest in shares in the banking and telecommunications sectors of the market.
Business Post reports that shares of Airtel Africa, FBN Holdings, UBA, Sterling Bank, Cutix and others enjoyed investors’ patronage and this returned the Nigerian Exchange (NGX) Limited into the bulls’ territory by 0.49 per cent at the close of transactions.
Consequently, the All-Share Index (ASI) increased by 213.86 points to 43,444.20 points from the previous day’s 43,230.34 points, while the market capitalisation expanded by N112 billion to N22.672 trillion from N22.560 trillion.
It was observed that the insurance, banking and industrial goods sectors appreciated yesterday by 0.39 per cent, 0.11 per cent and 0.01 per cent respectively, while the energy and consumer goods counters depreciated by 2.49 per cent and 0.38 per cent respectively.
Cutix recorded the highest price increase during the session, moving higher by 8.33 per cent to trade at N3.25 and was followed by Cornerstone Insurance, which grew by 7.69 per cent to sell for 56 kobo.
Consolidated Hallmark Insurance rose by 6.90 per cent to 62 kobo, Royal Exchange chalked up 6.00 per cent to settle at 53 kobo, while Regency Assurance improved by 5.26 per cent to 40 kobo.
On the flip side, Total Energies closed the trading session as the heaviest price loser as its shares were depressed by 9.97 per cent to quote at N216.80.
Mutual Benefits Assurance depreciated by 6.90 per cent to 27 kobo, Linkage Assurance fell by 5.36 per cent to 53 kobo, Axa Mansard declined by 4.35 per cent to N2.20, while Chams also lost 4.35 per cent to sell for 22 kobo.
The market was quite busy on Tuesday with investors cherry-picking stocks of special interest to them and this resulted in the higher trading volume and value witnessed at the close of business.
A total of 423.8 million equities worth N11.7 billion exchanged hands in 4,181 deals yesterday compared with the 293.4 million equities worth N4.3 billion traded in 4,239 deals a day earlier, indicating an increase in the trading volume and value by 44.44 per cent and 171.60 per cent respectively and a decline of 1.37 per cent in the number of trades.
FBN Holdings was the most active equity as it traded 223.6 million units worth N2.8 billion and was trailed by Sterling Bank, which traded 32.5 million units worth N48.7 million.
Transcorp transacted 24.7 million units valued at N24.5 million, GTCO exchanged 20.8 million units valued at N564.2 million, while Jaiz Bank sold 15.9 million units for N10.3 million.
