By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to the green territory on Thursday after two trading days in the bears’ domain, though weak investor sentiment remained.
It marginally closed higher by 0.05 per cent yesterday on the back of bargain-hunting and cherry-picking in equities with sound fundamentals selling at cheaper prices.
A pocket of buying pressure witnessed during the session lifted the All-Share Index (ASI) by 48.00 points to 98,169.30 points from 98,121.30 points and raised the market capitalisation of Customs Street by N27 billion to N55.521 trillion from N55.494 trillion.
Business Post reports that the equity market was quiet on Thursday as the trading volume, value, and number of deals decreased by 24.91 per cent, 32.29 per cent, and 6.20 per cent, respectively.
At the close of trading activities, investors bought and sold 297.2 million shares valued at N6.5 billion in 7,417 deals compared with the 395.8 million shares valued at N9.6 billion traded in 7,907 deals in the midweek.
The market breadth index was negative yesterday after the bourse finished with 24 price losers and 16 price gainers led by Transcorp Hotels, which gained 9.75 per cent to quote at N96.50.
Livestock Feeds appreciated by 9.42 per cent to N1.51, Tantalizers increased by 9.38 per cent to 35 Kobo, Sunu Assurances improved its value by 7.44 per cent to N1.30, and Coronation Insurance grew by 6.15 per cent to 69 Kobo.
Conversely, Sterling Holdings led the losers’ group after its share value went down by 9.69 per cent to N3.82, International Energy Insurance depleted by 9.30 per cent to N1.17, The Initiates fell by 9.09 per cent to N1.80, Omatek declined by 8.43 per cent to 76 Kobo, and RT Briscoe plunged by 7.81 per cent to 59 Kobo.
At the bourse yesterday, the banking space lost 1.10 per cent, and the consumer goods counter depreciated by 0.05 per cent, while the insurance sector jumped by 0.88 per cent, with the energy and industrial goods indices closing flat each.