Again, NGX Sustains Rally as ASI Record Hits 90,000 Points
The bullish party on the Nigeria Exchange Limited continued on Wednesday as the benchmark index of the bourse crossed 90,000 basis points to close at 90,063.25.
Similarly, the market capitalisation appreciated by 3.78 per cent to close at N49.284tn, amounting to a gain of N1.145tn for investors. This brings the value investors gained in the three trading sessions this week to N3.842tn.
The major drivers of the day’s market were the stocks of Sterling Financial Holdings Company Plc (-9.09 per cent), Jaiz Bank (+1.37 per cent), United Bank for Africa (-4.27 per cent), Access Holdings (-0.67 per cent) and Dangote Sugar (-9.95 per cent).
Across the sectors, the performance remained positive except for banking which was the only laggard as it declined by 3.26 per cent. However, insurance, consumer goods, oil & gas and industrial goods indexes recorded gains of 3.63 per cent, 1.92 per cent, 0.45 per cent and 8.76 per cent, respectively.
Market Breadth which is the measure of investors’ sentiment moderated to 48 gainers on Wednesday from 77 on Tuesday as declining equities rose to 35 from 10.
The gainers were chiefly led by the stocks of AIICO, Sunu Assurance Plc, Guinness, Honeywell Flour Mills, Wema Bank and BUA Cement, all of which appreciated by 10 per cent to close at N1.54, N1.76, N71.50, N4.84 and N11.66 per unit, respectively.
Conversely, RT Briscoe led the decliners’ chart as it lost 10 per cent to close at N0.81. Dangote Sugar ended on the losers’ table with a 9.95 per cent decline to close at N73.30, NGX Group lost 9.84 per cent to close at N22.90, RedStarEx’s stock depreciated by 9.47 per cent to close trading at N4.11 and Sterling Financial Holdco lost 9.09 per cent to close at N6.90 per unit.
The stocks of Sterling Holdco, JapaulGold, Transcorp, JaizBank and Unity Bank, Nigerian Breweries, and Zenith Bank were the volume and value drivers of the day’s market trend.
Transaction volume for the day recorded 1,298 billion compared to the previous day’s volume of 1,088.67 million, trades valued at N16.38bn from the 17,471 deals executed. The number of stocks traded on Wednesday closed at 124.
