Banking and cement stocks strengthen the NGX index by 2.90%


The Nigerian Exchange (NGX) Limited rose 2.90 percent as investors felt very confident in the stock market again after it had been controlled by bears for months.

Significant attention drawn to banking and industrial goods stocks, particularly cement stocks, further strengthened the exchange yesterday, with a positive close to the market breadth as a result of 28 stocks closing on the winners’ chart and 11 stocks ended up in the loser’s table.

Secure Electronic Technology was the best performing stock of the session as 22 Kobo appreciated 10.00%, Dangote Cement improved 9.98% to N262.30, BUA Cement rose 9.72% to N79, 00, Cornerstone Insurance grew by 9.09 percent to 48 Kobo, Prestige Assurance expanded by 8.11 percent to 40 Kobo.

On the other hand, SCOA Nigeria closed as the worst performing stock after its value fell 9.30% to N1.17, Royal Exchange depreciated 8.97% to 71 Kobo, Eterna declined 4.76% to N5.40, Cutix fell 4.72 per cent to N2.02 and Chams fell 4.35 per cent to sell at 22 Kobo.

During the session, the industrial goods space increased 9.25 percent, the insurance sector appreciated 3.66 percent, the banking index gained 1.82 percent, the energy counter grew 0.66 percent and the consumer goods sector rose 0.33 percent. One hundred one hundred

This sent the All-Share Index (ASI) up 1,303.04 points to settle at 46,232.37 points compared to 44,929.33 points the day before, while the market capitalization increased by N710 billion to N25. 182 trillion from N24.472 trillion.

At close of business, investors traded 187.9 million shares worth N1.8 billion in 3,458 deals compared to 126.6 million shares worth N3.9 billion traded in 3,383 deals the previous day , which indicates a decrease in commercial value of 52.17%. an increase in trading volume by 48.47 percent, and an increase in the number of transactions by 2.22 transactions.

Livingtrust Insurance emerged as the most traded stock on Wednesday as it sold 30.1 million units, Transcorp traded 26.5 million units, Access Holdings traded 16.4 million units, Ecobank traded 12.1 million units and GTCO traded 11.6 million units.




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