The Nigerian Exchange Limited (NGX) experienced a substantial increase in share trading volume as heavy transactions were observed in prominent companies such as Jaiz Bank, BUA Cement, and Universal Insurance.
On Monday, the volume of shares traded surged by 43.47 percent, reaching an impressive 892.96 million shares on the trading floor.
Last week, investors displayed robust activity, resulting in a turnover of 4.3 billion shares worth N62.2 billion in 44,344 deals.
United Bank for Africa (UBA) Plc, Guaranty Trust Holding Company Plc, and Access Holdings contributed significantly to this heightened trading volume.
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During the previous trading session, 622.416 million shares were traded with a total value of N6.51 billion. Market analysts have predicted that while profit-taking is expected to dominate market activities, bargain-hunting from early bird investors anticipating the H1 2023 earnings season may temper this trend.
Investors’ appetite for stocks remained positive, as they invested N11.158 billion in 892.966 million shares across 9,276 deals by the end of the trading session.
Jaiz Bank emerged as the most active stock, transacting 139.89 million shares valued at 244.317 million. BUA Cement followed suit with the sale of 20.246 shares worth N1.74 billion, while Universal Insurance traded 95.12 million shares valued at N19.253 million.
The All Share Index (ASI) experienced a slight increase of 0.02 percent, closing at 59,014.85 points from its opening value of 59,000.96 points.
This growth was primarily influenced by the price appreciation of GTCO, Japaul Gold, and Tantalizer shares. Additionally, the market capitalization increased by N7 billion, closing at N32.133 trillion, up from N32.126 trillion.
Consequently, the year-to-date returns for the index rose to +15.15 percent. The sectoral performance was generally positive, with the Banking (+2.92 percent), Insurance (+1.19 percent), Industrial Goods (+0.65 percent), and Consumer Goods (+0.15 percent) indices all recording gains. The Oil and Gas index, on the other hand, remained unchanged.
While 46 equities appreciated in value, 23 others experienced depreciation. Tantalizer led the gainers’ chart, closing at 10 percent with a share price of 0.22 kobo. Universal Insurance followed closely, also gaining 10 percent to close at 0.22 kobo.
Unity Bank saw a substantial increase of 9.80 percent, closing at N1.12, while Mutual Benefits gained 9.76 percent, closing at 0.45 kobo. FTN Cocoa also experienced growth of 9.63 percent, closing at N1.48.
Conversely, Ellah Lakes led the losers’ chart with a 10 percent decline, closing at N3.24 per share. John Holt followed with a decrease of 9.57 percent, closing at N1.04. Academy experienced a drop of 9.55 percent, closing at N1.80, and Regal Insurance decreased by 7.14 percent, closing at 0.39 kobo. Omatek fell by 7.14 percent, closing at 0.26 kobo.