Nigerian Exchange Stretches Gains by 0.53% on Renewed Bargain-Hunting

The Nigerian Exchange (NGX) Limited further appreciated by 0.53 per cent on the back of renewed bargain-hunting mainly across the key sectors of the market.

Apart from the industrial goods counter, which fell by 0.20 per cent largely due to profit-taking, every other sector closed higher yesterday.

The banking space appreciated by 2.39 per cent, the energy index improved by 1.88 per cent, the consumer goods sector went up by 1.11 per cent, and the insurance counter gained 0.74 per cent.

As a result, the All-Share Index (ASI) increased by 518.39 points to 98,383.04 points from 97,864.65 points, and the market capitalisation jumped by N294 billion to N55.654 trillion from N55.360 trillion.

Dangote Sugar advanced by 10.00 per cent during the session to trade at N42.90, NASCON rose by 9.88 per cent to N37.25, Morison Industries appreciated by 9.88 per cent to N4.45, PZ Cussons gained 9.60 per cent to close at N21.70, and Transcorp jumped by 8.57 per cent to N11.40.

On the flip side, Sovereign Trust Insurance lost 9.52 per cent to finish at 38 Kobo, Universal Insurance plunged by 8.33 per cent to 33 Kobo, The Initiates declined by 5.00 per cent to N1.71, Lafarge Africa weakened by 4.86 per cent to N33.30, and Africa Prudential fell by 4.32 per cent to N6.65.

Business Post reports that investor sentiment turned bullish yesterday after the stock exchange closed with 28 price gainers and 14 price losers, implying a positive market breadth index.

The local bourse was busy on Tuesday, with the trading volume, value, and the number of deals rising by 55.83 per cent, 13.79 per cent, and 1.38 per cent, respectively.

This was because investors transacted 559.6 million equities worth N6.6 billion in 7,990 deals compared with the 359.1 million equities worth N5.8 billion traded in 7,881 deals on Monday.

Abbey Mortgage Bank traded 277.5 million shares valued at N682.7 million, Access Holdings transacted 81.9 million stocks worth N1.4 billion, FBN Holdings exchanged 31.5 million shares for N684.0 million, UBA sold 22.0 million stocks valued at N458.5 million, and Zenith Bank traded 13.8 million equities worth N429.6 million.

By Dipo Olowookere

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