The Nigerian Exchange (NGX) Limited rallied by 1.25 per cent on Thursday as the market regained the confidence of investors after a panic selling on Tuesday.
Business Post reports that the value of Nigeria’s stock exchange was up during the trading session by N792 billion to N64.351 trillion from N63.559 trillion as the All-Share Index (ASI) increased by 1,300.01 points to 105,530.74 points from 104,230.73 points.
This happened because of the bargain-hunting activities at the bourse, with significant interest in shares in the banking, consumer goods and energy sectors, leaving their respective indices up by 1.70 per cent, 0.46 per cent, and 0.04 per cent.
However, the insurance and the industrial goods sectors witnessed profit-taking, keeping them down by 1.38 per cent and 0.17 per cent, respectively.
The level of activity waned yesterday as the trading volume, value and number of deals went down by 35.29 per cent, 46.96 per cent, and 3.99 per cent, respectively.
A total of 489.5 million shares worth N13.1 billion exchanged hands in 13,010 deals on Thursday versus the 756.4 million shares valued at N24.7 billion transacted in 13,551 deals on Wednesday.
Universal Insurance topped the activity chart with 97.2 million equities valued at N72.2 million, AIICO Insurance traded 54.2 million shares for N104.2 million, Sovereign Trust Insurance exchanged 25.0 million stocks worth N37.6 million, FBN Holdings sold 16.2 million equities valued at N500.4 million, and Guinea Insurance transacted 14.6 million stocks worth N13.9 million.
Investor sentiment was strong yesterday after Customs Street ended with 35 appreciating shares and 25 depreciating share, representing a positive market breadth index.
MTN Nigeria further gained 10.00 per cent to trade at N242.00, Honeywell Flour jumped by 9.89 per cent to N9.11, Universal Insurance chalked up 9.86 per cent to finish at 78 Kobo, Transcorp Hotels rose by 9.78 per cent to N127.35, and Ikeja Hotel grew by 9.31 per cent to N13.50.
On the flip side, RT Briscoe depreciated by 10.00 per cent to N2.34, Sunu Assurances lost 9.99 per cent to N8.11, The Initiates slumped by 9.68 per cent to N2.52, UPDC tumbled by 9.50 per cent to N1.81, and Guinea Insurance declined by 8.08 per cent to 91 Kobo.