Local Stock Market Bullish As Investors Gain N28.7bn

The Nigerian Stock Exchange (NGX) Limited remained bullish on Thursday as investors raked in N28.7 billion.

Local Stock Market Bullish As Investors Gain N28.7bn
Local Stock Market Bullish As Investors Gain N28.7bn

The local market grew by 0.11% as investors focused on stocks with sound fundamentals with the hope of selling in the coming days for profit.

This action increased the NGX market capitalisation by N29 billion during the session to N26.909 trillion from N26.880 trillion as the All-Share Index (ASI) improved by 53.29 points to settle at 49,889.80 points in contrast to the previous day’s 49,836.51 points.

Shares like BUA Cement, Oando, Access Holdings, Fidelity Bank and 10 others attracted the interest of investors, while the likes Zenith Bank, Mutual Benefits, FBN Holdings and nine others were quickly offloaded.

Pharma-Deko recorded the biggest gain as it rose by 7.43 per cent to N1.88, UPDC improved by 5.00 per cent to N1.05, Consolidated Hallmark Insurance appreciated by 5.00 per cent to 63 Kobo, FCMB grew by 4.92 per cent to N3.20, while Fidelity Bank gained 4.39 per cent to sell for N3.33.

However, Mutual Benefits maintained its downward movement yesterday after it further lost 9.38 per cent to trade at 29 Kobo, CWG fell by 9.09 per cent to 90 Kobo, Transcorp depreciated by 7.08 per cent to N1.05, Lasaco Assurance retreated by 6.80 per cent to 96 Kobo, while Sterling Bank moderated by 4.52 per cent to N1.48.

Sterling Bank ended the session as the most active stock after it sold 108.7 million units worth N159.8 million, GTCO traded 34.3 million units worth N680.5 million, Fidelity Bank exchanged 15.6 million units valued at N50.6 million, Mutual Benefits sold 9.2 million units worth N2.8 million, while Zenith Bank traded 7.5 million units valued at N162.3 million.

When trading activities closed for the session, a total of 229.1 million stocks worth N1.8 billion exchanged hands in 3,575 deals compared with the 367.3 million stocks worth N3.2 billion transacted in 3,725 deals a day earlier, indicating a decline in the trading volume, value and number of deals by 37.63 per cent, 45.95 per cent and 4.03 per cent respectively.

Yesterday, the industrial goods sector appreciated by 0.99 per cent, the energy space grew by 0.32 per cent, the consumer goods counter improved by 0.09 per cent, while the insurance and banking sectors went down by 0.54 per cent and 0.43 per cent respectively.

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