Due to traders’ decisions to invest in stocks, particularly international portfolio investors, the Nigerian Exchange (NGX) Limited was strengthened by 0.36 percent on Wednesday as a result of the Central Bank of Nigeria (CBN) floating the Naira.
Investors were seen paying attention to stocks in the energy, finance, and industrial goods sectors during the midweek session, which led to increases in the insurance, energy, and industrial goods indexes of 1.93 percent, 1.84 percent, and 1.84 percent, respectively.
However, profit-taking yesterday caused the banking and consumer goods counters to decline by 0.60 percent and 0.11 percent, respectively.
However, the All-Share Index (ASI) increased by 213.98 points to 59,323.95 points from 59,110.02 points, and the market capitalization increased by N116 billion to N32.302 trillion from N32.186 trillion, preventing the bears from taking control of the stock exchange.
According to Business Post, the market breadth index, which concluded with 44 price gainers and 25 price losers, was positive, supporting the continued strength of investor mood.
On Wednesday, eTranzact jumped by 9.91% to N5.88, FTN Cocoa increased by 9.88% to N1.78, Neimeth also increased by 9.88% to N1.78, and Unity Bank increased by 9.76% to close at N1.35. Afromedia increased by 10% to trade at 22 Kobo.
On the other hand, Jaiz Bank fell by 10% to N1.53, Meyer fell by 9.88% to settle at N2.19, Ikeja Hotel fell by 9.86% to quote at N3.20, Tantalizers fell by 9.09% to conclude at 20 Kobo, and Cadbury Nigeria fell by 9.04% to N17.10.
The most active stock, according to the activity chart, was Universal Insurance, which exchanged 141.3 million units for N35.1 million. GTCO was the next busiest company, exchanging 44.9 million units for N1.4 billion.
Additionally, UBA sold 31.7 million shares for N362.0 million, Access Holdings exchanged 27.5 million shares worth N409.2 million, and Japaul traded 37.7 million shares worth N23.3 million.
At the end of trading, 7,806 deals totaling 643.0 million shares worth N6.1 billion were completed, compared to 8,272 deals totaling 588.9 million shares worth N9.0 billion the day before.
According to this, the number of deals decreased by 5.63 percent, the value of deals decreased by 32.22 percent, and the volume of deals increased by 9.19 percent during the midweek trading day.
