Sunday, December 4, 2022

Equity Exchange Gains N14bn on Sustained Bargain-Hunting

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By Dipo Olowookere

The Nigerian Exchange (NGX) Limited, located on Customs Street, Lagos, appreciated by 0.06 per cent on sustained bargain-hunting on Friday.

The marginal improvement in the performance of the equity exchange was supported by buying pressure in the insurance sector, which closed higher by 2.02 per cent, backed by a pocket of improvements in the shares of Zenith Bank, Geregu Power, FBN Holdings, and others.

Business Post reports that the industrial goods and energy sectors closed flat, while the consumer goods and banking counters depreciated by 0.51 per cent and 0.19 per cent, respectively.

When trading activities were brought to an end at 2:30 pm yesterday, the market capitalisation increased by N14 billion to N23.949 trillion from N23.935 trillion, while the All-Share Index (ASI) rose by 25.93 points to 43,968.75 points from 43,942.82 points.

During the session, investors traded 209.7 million stocks worth N2.2 billion in 2,942 deals, in contrast to the 405.0 million stocks worth N3.1 billion transacted on Thursday in 3,188 deals, indicating a decline in the trading volume, value and number of deals by 48.22 per cent, 30.05 per cent, and 7.72 per cent, respectively.

Access Holdings was the most traded equity at the bourse yesterday with 81.3 million units, Transcorp sold 28.2 million units, GTCO traded 15.5 million units, Sovereign Trust Insurance exchanged 13.1 million units, and Nigerian Breweries sold 11.2 million units.

There were 16 price gainers and seven price losers on Friday, indicating a positive market breadth and strong investor sentiment.

Cornerstone Insurance topped the gainers’ log after its value rose by 10.00 per cent to 44 Kobo, Unity Bank expanded by 9.62 per cent to 57 Kobo, eTranzact gained 9.37 per cent to settle at N3.50, Coronation Insurance improved by 9.09 per cent to 36 Kobo, and Regency Assurance grew by 8.00 per cent to 27 Kobo.

On the flip side, Flour Mills topped the losers’ gang yesterday after its share price went down by 9.90 per cent to N27.30, PZ Cussons dropped 7.03 per cent to N8.60, Ecobank fell by 5.00 per cent to N9.50, Ikeja Hotel depreciated by 1.06 per cent to 93 Kobo, and NAHCO dropped 0.85 per cent to trade at N5.80.

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