The Nigerian Exchange (NGX) Limited was rescued from the claws of the bears on Thursday by 0.58 per cent in an operation led by Caverton and other price gainers.
This was triggered by renewed bargain-hunting in the financial services sector during the trading session, with the insurance counter expanding by 2.69 per cent.
Further, the banking index grew by 2.65 per cent, the consumer goods sector appreciated by 0.59 per cent, and the energy counter rose by 0.08 per cent, while the industrial goods industry depreciated by 0.03 per cent, with the commodity index closing flat.
At the close of business, the All-Share Index (ASI) went up by 601.24 points to 104,788.25 points from 104,187.00 points and the market capitalisation increased by N378 billion to N65.848 trillion from N65.470 trillion.
Investor sentiment was strong on Thursday as there were 45 price gainers and 11 price losers, representing a positive market breadth index.
Caverton flew higher by 10.00 per cent to N2.31, Neimeth leapt by 9.92 per cent to N2.88, Japaul gained 9.52 per cent to close at N1.84, Union Dicon soared by 9.45 per cent to N6.95, and Mutual Benefits improved by 9.30 per cent to 94 Kobo.
On the flip side, ABC Transport crashed by 10.00 per cent to N1.26, Eterna slipped by 9.90 per cent to N32.30, CAP depreciated by 7.45 per cent to N43.50, Regency Alliance crumbled by 3.64 per cent to 53 Kobo, and NGX Group lost 3.23 per cent to trade at N34.50.
A total of 432.6 million shares valued at N9.7 billion exchanged hands in 12,027 deals at Customs Street yesterday, in contrast to the 376.6 million shares worth N11.9 billion transacted in 11,576 deals at midweek, indicating a shortfall in the value of trades by 18.49 per cent, and a rise in the volume of transactions and number of deals by 14.87 per cent and 3.90 per cent, respectively.
The most active equity was Access Holdings after it traded 77.9 million units for N1.6 billion, Ellah Lakes exchanged 44.2 million units worth N132.8 million, Fidelity Bank sold 32.5 million units valued at N614.8 million, Zenith Bank transacted 30.2 million units worth N1.5 billion, and UBA traded 20.5 million units valued at N719.0 million.