By Dipo Olowookere
A 0.43 per cent growth recorded by the Nigerian Exchange (NGX) Limited on Wednesday has now moved the platform’s year-to-date (YtD) return to 34.38 per cent.
It has been a roller coaster for the local stock market in 2024, but it has remained strong amid the tough macroeconomic environment caused by inflation and the exchange rate crisis.
Yesterday, Customs Street performed well after almost all the key sectors experienced buying pressure, with only the industrial goods space closing flat.
Business Post reports that the insurance sector appreciated by 3.16 per cent, the banking index gained 0.68 per cent, the energy industry leapt by 0.33 per cent, and the consumer goods counter soared by 0.08 per cent.
At the close of business, the All-Share Index (ASI) was up by 426.52 points to 100,477.46 points from 100,050.94 points and the market capitalisation increased by N258 billion to N60.908 trillion from N60.650 trillion it ended a day earlier.
During the midweek session, a total of 42 equities ended on the gainers’ chart and 18 equities closed in red, representing a positive market breadth index and strong investor sentiment.
MRS Oil surged by 9.99 per cent to N159.70, Learn Africa chalked up 9.97 per cent to N3.53, International Energy Insurance rose by 9.77 per cent to N1.46, Coronation Insurance grew by 9.74 per cent to N1.69, and Livestock Feeds gained 9.73 per cent to sell for N3.72.
On the flip side, Africa Prudential lost 10.00 per cent to settle at N14.40, John Holt declined by 9.96 per cent to N6.51, Guinea Insurance slipped by 8.33 per cent to 66 Kobo, Deap Capital tumbled by 5.26 per cent to N1.08, and Consolidated Hallmark deflated by 4.17 per cent to N2.30.
Yesterday, the market participants traded 389.7 million shares worth N9.2 billion in 9,573 deals versus the 478.1 million shares valued at N22.5 billion transacted in 9,578 deals on Tuesday, implying a decline in the trading volume, value and number of deals by 18.49 per cent, 59.11 per cent and 0.05 per cent, respectively.
Sterling Holdings topped the activity log with 43.6 million stocks valued at N216.7 million, UBA traded 26.2 million equities worth N874.9 million, Fidelity Bank sold 25.7 million shares for N398.4 million, Universal Insurance exchanged 18.5 million stocks worth N6.8 million, and AIICO Insurance transacted 16.2 million equities valued at N21.6 million.