The Nigerian Exchange (NGX) Limited gained 1.73 percent on Wednesday, owing to increased interest in key blue-chip shares traded on the platform, such as Airtel Africa.
The telco’s stock price increased by a maximum of 10% to close at N1,155.50 in the midweek session, trailed by Cornerstone Insurance, which gained 6% to trade at 53 kobo.
Courtville increased by 5.26 percent to 40 kobo, Union Bank increased by 4.46 percent to N5.85, and Seplat increased by 4.36 percent to N720.10.
FTN Cocoa, on the other hand, topped the losers’ chart yesterday, falling 7.69% to 36 kobo. Consolidated Hallmark Insurance sank 7.25% to 64 kobo, Regency Assurance slid 6.67% to 42 kobo, Japaul fell 4.76% to 40 kobo, and Jaiz Bank fell 4.55% to 63 kobo.
At the close of business, 16 equities had appreciated in value while 17 had declined, showing a negative market breadth and low investor mood.
Business Post reports that only the consumer goods sector ended bearish as it dropped 0.02 per cent as the industrial goods sector closed flat, with the energy, insurance and banking counters appreciating by 2.21 per cent, 0.59 per cent and 0.50 per cent respectively.
When the closing gong was beaten by 2:30 pm yesterday, the All-Share Index (ASI) rose by 774.25 points to 45,430.14 points from 44,655.89 points, while the market capitalisation expanded by N417 billion to N24.477 trillion from N24.060 trillion.
It was observed that the activity level improved on Wednesday as investors traded 252.9 million stocks valued at N8.9 billion in 4,218 deals as against the 235.2 million stocks valued at N1.9 billion transacted on Tuesday in 4,151 deals, indicating an increase in the trading volume, value and number of deals by 7.53 per cent, 365.28 per cent and 1.61 per cent respectively.
GTCO emerged as the most active stock of the session with a turnover of 25.5 million units valued at N649.4 million, followed by Dangote Cement, which commenced its share buy-back scheme during the session with the sale of 24.5 million units worth N6.5 billion.
FBN Holdings traded 23.1 million shares for N277.2 million, Fidelity Bank exchanged 21.1 million equities worth N57.2 million, while FCMB exchanged 12.9 million stocks for N38.8 million.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
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