The Nigerian Exchange (NGX) Limited rose 2.90 percent as investors regained confidence in the stock market after it had been under the control of bears for months.
The significant interest in banking and industrial goods equities, particularly cement stocks, boosted the exchange yesterday, with market breadth closing positive as a result of 28 shares finishing on the gainers’ chart and 11 shares finishing on the losers’ chart.
Secure Electronic Technology was the best-performing stock of the session, increasing by 10% to 22 Kobo. Dangote Cement increased by 9.98% to N262.30, BUA Cement increased by 9.72% to N79.00, Cornerstone Insurance increased by 9.09% to 48 Kobo, and Prestige Assurance increased by 8.11% to 40 Kobo.
On the other hand, SCOA Nigeria closed as the worst-performing stock after its value fell by 9.30% to N1.17, Royal Exchange fell by 8.97% to 71 Kobo, Eterna fell by 4.76% to N5.40, Cutix fell by 4.72 % to N2.02, and Chams fell by 4.35 % to 22 Kobo.
During the session, the industrial goods sector increased by 9.25%, the insurance sector increased by 3.66%, the banking index increased by 1.82 %, the energy counter increased by 0.66 %, and the consumer goods sector increased by 0.33 %.
The All-Share Index (ASI) rose 1,303.04 points to settle at 46,232.37 points, up from 44,929.33 points the previous day, while market capitalisation increased by N710 billion to N25.182 trillion from N24.472 trillion.
At the close of business, investors traded 187.9 million equities worth N1.8 billion in 3,458 deals, compared to 126.6 million equities worth N3.9 billion traded in 3,383 deals the day before, indicating a 52.17 percent decrease in trading value, a 48.47 percent increase in trading volume, and a 2.22 deal increase in the number of deals.
On Wednesday, the most traded stock was Livingtrust Insurance, which sold 30.1 million units. Transcorp traded 26.5 million units, Access Holdings traded 16.4 million units, Ecobank traded 12.1 million units, and GTCO traded 11.6 million units.
