The Nigerian Exchange Limited (NGX) ended the day on a positive note after three consecutive days of losses, with investors’ wealth increasing by N78 billion.
The All-Share Index (ASI) increased by 149.89 absolute points, or 0.40 percent, to close at 37,954.35 points at the close of trading yesterday.
Similarly, the market capitalisation value increased by N78 billion to N19.781 trillion. The recovery was fueled by price increases in large and medium-cap stocks such as BUA Cement, Nigerian Breweries, Guaranty Trust Bank Holdings Company, Eterna, and Zenith Bank.
According to capital market analysts, the bullish sentiment stems from investors’ bargain hunting in almost all sectors, except for the insurance sector.
“While the market was in a positive swing today, activity levels remained subdued,” said analysts at Vetiva Dealings and Brokerage. As a result, we anticipate that the market will end the week on a mixed note, as investors continue to buy up beaten-down names while taking profits on others.”
On the price movement chart, 20 stocks appreciated in value, while 14 others were losers.
Portland Paints & Products and Mutual Benefits Assurance Nigeria led the way with a 10% increase to close at 44 kobo and N2.64 kobo, respectively, while Learn Africa trailed with a 3.96% increase to close at N1.05.
Eterna gained 3.92 percent to N7.95 kobo at the close. Oando gained 3.45 percent to close at N3.00 kobo.
Juli Pharmacy, on the other hand, led the losers’ chart with a 9.56 percent drop to N1.23 kobo, while AIICO Insurance trailed with a 7.41 percent drop to N1.00 kobo.
Chams fell 4.76 percent to 20 kobo at the close. Champion Breweries fell 2.44 percent to N2.00 kobo. Honeywell Flour Mill lost 2.08 percent of its value to close at N1.41 kobo.
However, the total volume of trades fell by 19.65% to 167.407 million units worth N1.830 billion and exchanged in 3,256 transactions.
Transactions in Zenith Bank shares topped the activity chart, with 13.895 million shares worth N330.124 million changing hands. Sovereign Trust Insurance came in second with 12.745 million shares worth N3.431 million, followed by United Bank for Africa (UBA) with 11.755 million shares worth N84.650 million.
Mutual Benefits Assurance (MBA) exchanged 10.955 million shares worth N4.763 million, while FBN Holdings (FBNH) exchanged 8.846 million shares worth N63.359 million.