The Nigerian Exchange (NGX) Limited rose 0.15 percent on Monday due to renewed buying pressure in the industrial goods sector, which closed 0.22 percent higher at the close of trade.
Yesterday, the sector lifted the market on its own, despite efforts by other key sectors to drag it down on the first trading session of the new week.
During the trading day, the insurance counter fell 1.63 percent, the energy counter fell 0.38 percent, the banking counter fell 0.37 percent, and the consumer goods counter fell 0.28 percent.
However, growth in the industrial goods sector boosted the exchange’s All-Share Index (ASI) by 64.90 points to 44,461.63 points from 44,396.73 points, while market capitalisation increased by N35 billion to N24.217 trillion from N24.182 trillion last Friday.
The bourse was reported to be relatively quiet yesterday because traders are still wary of their stock exposure. On Monday, 72.3 million equities worth N2.2 billion were traded in 2,887 transactions, compared to 95.2 million equities worth N1.9 billion traded in 2,888 transactions the previous session, indicating an increase in trading value of 15.08 percent, a decrease in trading volume of 24.01 percent, and a decrease in the number of trades of 0.03 percent.
Transcorp was the most active, selling 11.4 million shares, trailed by NGX Group with 5.6 million equities, GTCO with 5.3 million equities, Sovereign Trust Insurance with 4.1 million equities, and Fidelity Bank with 3.9 million equities.
It was observed that despite the gains printed yesterday, investor sentiment remained weak as the market breadth was negative due to the eight price gainers and 18 price losers recorded at the close of trades.
Red Star Express topped the gainers’ log after its value went up by 8.22 per cent to N2.37, Beta Glass appreciated by 5.90 per cent to N43.95, Coronation Insurance rose by 5.88 per cent to 36 Kobo, Lafarge Africa gained 2.73 per cent to sell for N22.55, and Ardova improved by 2.19 per cent to N14.00.
Conversely, Unilever Nigeria topped the losers’ table as its price shed 10.00 per cent to close at N10.80, NEM Insurance depreciated by 9.50 per cent to N4.00, Lasaco Assurance shed 4.60 per cent to trade at 83 Kobo, Regency Assurance fell by 4.17 per cent to 23 Kobo, and Sovereign Trust Insurance retreated by 3.85 per cent to 25 Kobo.