Sustained Positive Investor Sentiment Keeps NGX Index Higher by 0.22%

By Dipo Olowookere

The stock market in Nigeria maintained its upward movement by 0.22 per cent on Wednesday on the back of sustained positive investor sentiment.

Business Post reports that the market breadth further closed positive yesterday with 13 price losers and 23 price gainers as the buying interest intensified.

Unlike the previous sessions, all the five key market sectors closed bullish, with the insurance index rising by 0.61 per cent. The banking sector appreciated by 0.49 per cent, the energy counter rose by 0.35 per cent, the consumer goods space grew by 0.14 per cent, while the industrial goods index gained 0.10 per cent.

At the close of business, the All-Share Index (ASI) went up by 83.27 points to finish at 38,501.31 points versus the previous 38,418.04 points, while the market capitalisation increased by N43 billion to N20.070 trillion from N20.027 trillion.

During the session, the total number of deals executed by investors reduced by 0.73 per cent to 4,507 deals from 4,540 deals, while the trading volume increased by 2.48 per cent to 296.1 million stocks from 288.9 million stocks, with the trading value rising by 5.95 per cent to N2.6 billion from N2.4 billion.

FBN Holdings was investors’ toast yesterday as it was the most traded stock, selling 34.8 million shares valued at N265.1 million.

Access Bank transacted 28.7 million equities worth N271.7 million, Zenith Bank exchanged 27.7 million shares valued at N689.2 million, Fidelity Bank traded 24.7 million stocks for N57.4 million, while Transcorp sold 23.9 million shares for N21.4 million.

A look at the price movement chart showed that Cutix was on top of the price gainers after its share price rose by 10.00 per cent to close at N3.63.

John Holt transacted 9.84 per cent to settle at 67 kobo, UAC Property gained 9.71 per cent to finish at N1.13, Tripple Gee rose by 8.33 per cent to sell for 91 kobo, while Coronation Insurance gained 5.36 per cent to quote at 59 kobo.

Conversely, BOC Gases topped the losers’ chart after its value went down by 9.94 per cent to N7.70 and was followed by Berger Paints, which declined by 9.64 per cent to N8.90.

Courtville lost 4.55 per cent to sell for 21 kobo, Japaul depreciated by 3.92 per cent to 49 kobo, while Unity Bank depleted by 3.51 per cent to 55 kobo.