Buying pressure from investors chased the bears away from the Nigerian Exchange (NGX) Limited on Thursday after taking charge of the market on Wednesday due to selling pressure.
The local bourse showed resilience yesterday, closing higher by 0.32 per cent after bargain-hunting activities from traders, who reaffirmed their confidence in the market.
Business Post reports that investor sentiment remained strong amid the challenging macroeconomic environment as one of the listed firms, GTCO, announced an interim dividend of N1 for shareholders after it released its half-year results.
A total of 27 stocks ended on the gainers’ chart during the trading session and 22 stocks finished on the losers’ table, representing a positive market breadth index and bullish investor sentiment.
The duo of Caverton and FBN Holdings appreciated by 10.00 per cent each on Thursday to sell at N2.31 and N26.40, respectively, Flour Mills grew by 9.99 per cent to N49.55, RT Briscoe increased its value by 9.93 per cent to N3.32, and Nestle Nigeria expanded by 9.88 per cent to N890.00.
On the flip side, DAAR Communications lost 8.86 per cent to settle at 72 Kobo, Eterna depreciated by 8.14 per cent to N32.15, Universal Insurance weakened by 7.69 per cent to 36 Kobo, Sovereign Trust Insurance fell by 5.97 per cent to 63 Kobo, and International Breweries declined by 5.32 per cent to N4.45.
During the session, the energy index went down by 0.63 per cent and the insurance counter decreased by 0.41 per cent, while the industrial goods sector closed flat.
However, the banking space appreciated by 1.52 per cent, and the consumer goods counter improved by 0.55 per cent.
At the close of business, the All-Share Index (ASI) jumped by 310.13 points to 97,025.17 points from 96,715.04 points and the market capitalisation went up by N178 billion to N55.754 trillion from N55.576 trillion.
Traders bought and sold 390.6 million shares valued at N8.0 billion in 9,615 deals yesterday versus the 600.0 million shares worth N8.8 billion transacted in 9,546 deals at midweek, indicating a rise in the number of deals by 0.72 per cent, and a decline in the trading volume and value by 34.90 per cent and 9.09 per cent, respectively.
Access Holdings topped the activity chart after transacting 80.1 million equities worth N1.5 billion, FBN Holdings traded 52.0 million shares for N1.3 billion, UBA sold 31.1 million stocks valued at N745.6 million, Caverton exchanged 23.7 million shares worth N54.4 million, and Zenith Bank traded 19.3 million equities valued at N712.5 million.
-By Dipo Olowookere