The bulls consolidated their control of the Nigerian Exchange (NGX) Limited on Thursday with a 0.92 per cent appreciation at the close of transactions.
This was buoyed by the assurances by banks listed on the stock exchange that dividend payment should happen in this fiscal year after the initial scare caused by a forbearance directive of the Central Bank of Nigeria (CBN).
Yesterday, the banking index grew by 2.99 per cent, the insurance counter expanded by 1.53 per cent, the consumer goods soared by 1.02 per cent, the energy index appreciated by 0.24 per cent, and the industrial goods sector improved by 0.16 per cent, while the commodity industry closed flat.
When trading activities ended for the session, the All-Share Index (ASI) was up by 1,074.26 points to 117,861.13 points from 116,786.87 points and the market capitalisation rose by N678 billion to N74.359 trillion from N73.681 trillion.
Ikeja Hotel gained 10.00 per cent to finish at N15.40, Beta Glass jumped by 9.98 per cent to N276.00, Legend Internet grew by 9.92 per cent to N7.20, University Press surged by 9.85 per cent to N6.02, and Eterna advanced by 9.82 per cent to N42.50.
On the flip side, Guinea Insurance depreciated by 9.21 per cent to 69 Kobo, Haldane McCall slumped by 5.88 per cent to N4.00, C&I Leasing tumbled by 5.84 per cent to N4.35, McNichols lost 5.58 per cent to trade at N2.20, and Fidson went down by 4.65 per cent to N41.00.
Data indicated that 43 stocks were on the price gainers’ chart and 20 stocks were on the price losers’ log, representing a positive market breadth index and strong investor sentiment.
During the session, market participants transacted 894.0 million equities valued at N22.0 billion in 17,257 deals versus the 640.1 million equities sold for N26.0 billion in 19,727 deals at midweek, showing an increase in the trading volume by 39.66 per cent and a decline in the trading value and number of deals by 15.35 per cent and 12.52 per cent, respectively.
Leading the activity chart on Thursday was Champion Breweries with the sale of 332.3 million stocks valued at N2.3 billion, GTCO traded 62.7 million shares for N5.0 billion, PZ Cussons exchanged 46.6 million equities worth N1.5 billion, Zenith Bank transacted 37.6 million shares valued at N1.9 billion, and Access Holdings sold 36.0 million stocks worth N787.1 million.