Driven by steady investor confidence and significant price rises in 36 equities, the Nigerian Exchange Limited (NGX) closed yesterday on a favourable note.
This momentum pushed the market value to N88.45 trillion, a rise of N254 billion.
Closing at 139,796.11 points, the All-Share Index (ASI) increased by 401.36 points, or 0.29%. The rising trend was fueled mostly by gains in medium and large-cap equities, including Lafarge Africa, MeCure Industries, eTranzact International, AXA Mansard Insurance, and PZ Cussons Nigeria.
The upbeat mood was reflected in market breadth; 36 stocks posted gains compared to 18 decliners. Regency Alliance Insurance became the best performer, up 10 percent to N1.43, followed by MeCure Industries, which increased 9.92 percent to N21.60. eTranzact International rose 9.73 percent to N12.40; DAAR Communications climbed 9.57 Deap Capital Management & Trust climbed 9.52 percent to N1.84, whereas percent to N1.03.
Leading the chart for losers, Unilever Nigeria declined 9.79% to N63.15. FTN Cocoa Processors dropped 9.40% to N5.40. While Berger Paints fell 6.33 percent to N35.50 and Linkage Assurance decreased 6.85 percent to N2.04, Ellah Lakes shed 8.76 percent to N13.02.
Although investor enthusiasm is fueled by great performances in industrial and consumer products, The News Chronicle learned that there remains caution around the oil and gas, which fell by 0.05 percent. Otherwise, good sector performance included banking up 0.43 percent, insurance up 0.96 percent, consumer goods rising 0.28 percent, and industrial products climbing 0.85 percent.
With 659.17 million units worth N12.51 billion traded in 25,334 transactions, trading activity slowed by 30.46%. With 202.49 million shares valued N2.10 billion, FCMB Group ruled the action chart. Universal Insurance followed with 63.14 million shares worth N79.39 million while FBN Holdings traded 44.23 million shares valued at N1.34 billion. Regency Alliance Insurance had 30.98 million shares worth N43.84 million, and Access Holdings had 26.13 million shares worth N676.42 million.
The favorable close of the market indicates fresh investor interest and suggests possible continuity should industry resilience persist.
