The Nigerian Exchange (NGX) Limited gained 1.25 per cent on Thursday amid renewed confidence in the market and sustained demand for local shares.
This happened despite the profit-taking activity recorded in the energy sector, which weakened by 0.23 per cent during the trading session.
However, the sterling performances of the other sectors cemented the grip of the bulls on Customs Street yesterday, with the industrial goods space outperforming others after it closed higher by 4.66 per cent.
The banking index appreciated by 0.59 per cent, the consumer goods space improved by 0.44 per cent, and the insurance counter expanded by 0.07 per cent.
At the close of business, the All-Share Index (ASI) went up by 1,324.42 points to settle at 109,172.04 points from the 107,847.62 points recorded a day earlier, and the market capitalisation grew by N826 billion to close at N68.116 trillion compared with Wednesday’s N67.290 trillion.
Investor sentiment remained bullish, with the market breadth index positive after the bourse ended with 35 appreciating equities and 25 depreciating equities.
The trio of Regency Alliance, Dangote Cement, and Sunu Assurance gained 10.00 per cent each yesterday to trade at 77 Kobo, N474.10, and N6.27, respectively, as Haldane McCall rose by 9.98 per cent to N5.51, and PZ Cussons increased by 9.96 per cent to N25.95.
On the flip side, Golden Breweries depreciated by 9.91 per cent to N7.09, Linkage Assurance went down by 6.76 per cent to N1.38, Eterna lost 6.57 per cent to N45.50, CWG weakened by 6.36 per cent to N8.10, and Chams slumped by 3.75 per cent to N2.31.
A total of 427.1 million shares valued at N9.2 billion exchanged hands in 16,342 deals on Thursday compared with the 442.6 million shares worth N10.0 billion transacted in 15,376 deals at midweek, indicating an uptick in the number of deals by 6.28 per cent, and a fall in the trading volume and value by 3.50 per cent and 8.00 per cent, respectively.
Universal Insurance traded 23.2 million stocks worth N16.0 million, Wema Bank transacted 22.7 million equities for N260.6 million, Sterling Holdings exchanged 21.9 million shares valued at N131.8 million, AIICO Insurance sold 19.9 million shares valued at N34.8 million, and Fidelity Bank traded 18.3 million equities worth N359.6 million.