The Nigerian Exchange (NGX) Limited rose 0.11 percent on Thursday as investors selected some equities with strong fundamentals to sell for a profit in the future days.
This activity lifted the NGX market capitalisation by N29 billion during the session to N26.909 trillion from N26.880 trillion. At the same time, the All-Share Index (ASI) rose by 53.29 points to 49,889.80 points, compared to 49,836.51 points the previous day.
According to Business Post, shares such as BUA Cement, Oando, Access Holdings, Fidelity Bank, and ten others piqued investors’ attention. Still, shares such as Zenith Bank, Mutual Benefits, FBN Holdings, and nine others were promptly offloaded.
Pharma-Deko increased by 7.43 percent to N1.88, UPDC increased by 5.00 percent to N1.05, Consolidated Hallmark Insurance increased by 5.00 percent to 63 Kobo, FCMB increased by 4.92 percent to N3.20, and Fidelity Bank, which is purchasing Union Bank UK, up by 4.39 percent to N3.33.
However, Mutual Benefits maintained its downward movement yesterday after it further lost 9.38 per cent to trade at 29 Kobo, CWG fell by 9.09 per cent to 90 Kobo, Transcorp depreciated by 7.08 per cent to N1.05, Lasaco Assurance retreated by 6.80 per cent to 96 Kobo, while Sterling Bank moderated by 4.52 per cent to N1.48.
Sterling Bank ended the session as the most active stock after it sold 108.7 million units worth N159.8 million, GTCO traded 34.3 million units worth N680.5 million, Fidelity Bank exchanged 15.6 million units valued at N50.6 million, Mutual Benefits sold 9.2 million units worth N2.8 million. In comparison, Zenith Bank traded 7.5 million units valued at N162.3 million.
When trading activities closed for the session, a total of 229.1 million stocks worth N1.8 billion exchanged hands in 3,575 deals compared with the 367.3 million stocks worth N3.2 billion transacted in 3,725 deals a day earlier, indicating a decline in the trading volume, value and number of deals by 37.63 per cent, 45.95 per cent and 4.03 per cent respectively.
Yesterday, the industrial goods sector appreciated by 0.99 per cent, the energy space grew by 0.32 per cent, the consumer goods counter improved by 0.09 per cent, while the insurance and banking sectors went down by 0.54 per cent 0.43 percent, respectively.