Stock market grows by 0.07% as Investors Gain N27bn

Date:

November 24, 2023.

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Azonuchechi Chukwu.

Nigerian Exchange (NGX) Limited on Thursday recorded 0.07 per cent growth as traders rebalanced their portfolios, picking up equities with the possibility of appreciating in price in the short and medium term.

This boosted the value of Customs Street during the session by N27 billion as the market capitalisation closed at N39.075 trillion compared with Wednesday’s closing value of N39.048 trillion.

In the same vein, the All-Share Index (ASI) increased at the close of business by 48.87 points to settle at 71,052.85 points, in contrast to the midweek session’s 71,003.98 points.

Analysis of the sectorial performance showed that the consumer goods space lost 0.05 per cent due to mild profit-taking in Cadbury Nigeria and Unilever Nigeria.

However, bargain-hunting activities raised the insurance, industrial goods and banking sectors by 1.27 per cent, 0.04 per cent, and 0.03 per cent, respectively, while the energy index remained unchanged.

Investor sentiment remained bullish yesterday as the bourse finished with 39 price advancers and 19 price laggards, representing a positive market breadth index.

Beta Glass closed the session as the biggest price gainer, chalking up 10.00 per cent to trade at N59.40. Multiverse grew by 9.98 per cent to N5.29, MeCure rose by 9.97 per cent to N8.38, Enamelware also improved by 9.97 per cent to N19.30, and Infinity Trust Mortgage Bank expanded by 9.84 per cent to N1.34.

Conversely, Ellah Lakes lost 9.89 per cent to quote at N3.37, Omatek declined by 9.17 per cent to 99 Kobo, Academy Press fell by 5.56 per cent to N1.70, McNichols dropped 5.56 per cent to finish at 85 Kobo, and NPF Microfinance Bank depreciated by 4.11 per cent to N2.10.

On the activity chart, Universal Insurance was on top after it transacted 164.3 million shares valued at N42.0 million, Veritas Kapital sold 77.1 million stocks for N30.5 million, Unity Bank traded 24.0 million equities worth N40.4 million, Chams exchanged 20.8 million shares valued at N46.2 million, and Zenith Bank traded 20.7 million equities worth N694.2 million.

At the close of trades for the day, investors bought and sold 563.7 million stocks worth N3.4 billion in 6,579 deals versus the 428.4 million stocks worth N7.4 billion traded in 6,677 deals a day earlier, implying an increase in the trading volume by 31.58 per cent, a decline in the trading value by 54.05 per cent, and a slump in the number of deals by 1.47 per cent.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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