By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended the first trading session in September 2024 on a positive note despite attempts by the bears to bring it down.
The local bourse closed higher by 0.22 per cent on Monday to extend its gains to the third consecutive trading session, according to data from the exchange.
At the close of business, the All-Share Index (ASI) increased by 214.41 points to 96,793.95 points from 96,579.54 points and the market capitalisation grew by N123 billion to N55.601 trillion from N55.478 trillion.
Business Post reports that the energy counter appreciated by 1.74 per cent, the banking index grew by 1.09 per cent and the industrial goods sector went up by 0.05 per cent.
However, the insurance space depreciated by 2.20 per cent as a result of profit-taking as the consumer goods counter succumbed to selling pressure by 0.35 per cent.
Oando maintained its upward movement yesterday with a 9.95 per cent growth to sell for N84.55, Industrial and Medical Gases expanded by 9.85 per cent to N29.00, eTranzact gained 9.80 per cent to settle at N5.60, Conoil rose by 9.72 per cent to N158.00, and University Press jumped by 9.13 per cent to N2.51.
Conversely, Livestock Feeds fell by 10.00 per cent to N2.25, RT Briscoe depreciated by 9.86 per cent to N3.20, Cornerstone Insurance declined by 9.63 per cent to N2.44, DAAR Communications slipped by 9.59 per cent to 66 Kobo, and Coronation Insurance tumbled by 9.41 per cent to 77 Kobo.
At the close of transactions, the NGX finished with 28 price gainers and 29 price losers, representing a negative market breadth index and weak investor sentiment.
A total of 498.1 million stocks valued at N11.0 billion were transacted in 13,149 deals during the session versus the 574.0 million stocks valued at N31.6 billion traded in 12,754 deals last Friday, indicating an uptick in the number of deals by 3.10 per cent a fall in the trading volume and value by 13.22 per cent and 65.19 per cent, respectively.
The most active stock for the session was UBA, which sold 54.9 million units for N1.3 billion, followed by Zenith Bank with 40.0 million units worth N1.6 billion. Oando traded 38.4 million units valued at N3.2 billion, Access Holdings exchanged 36.6 million units worth N703.0 million, and Prestige Assurance traded 24.6 million units valued at N12.5 million.