Investors trade 1.1bn shares as BUA Cement, Beta Glass, UPDC REIT and other stocks drive broad-based gains….
The Nigerian Exchange sustained its upward run on Thursday, as renewed buying interest across key stocks pushed the value of listed equities higher by N1.18 trillion.
Market capitalisation rose from N158.71 trillion recorded at the previous session to N159.9 trillion, while the NGX All-Share Index advanced by 0.62 percent to close at 246,315.38 points, compared with 244,791.79 points on Wednesday.
The latest performance marked the fifth consecutive session of gains for the equities market and placed the benchmark index at its highest level of the week.
The rally came alongside a sharp increase in trading activity, with investors exchanging 1.1 billion shares in 54,026 deals. Share volume was significantly higher than the 662.35 million units traded in the preceding session, although the number of transactions fell from 63,167.
Several stocks recorded the maximum daily price increase of 10 percent, with Beta Glass leading the advance after rising from N465 to N511.50 per share.
UPDC Real Estate Investment Trust also gained 10 percent, moving from N16 to N17.60, while Consolidated Hallmark Holdings climbed from N6.70 to N7.37. BUA Cement similarly advanced by 10 percent, closing at N297 from N270.
Royal Exchange was another major gainer, appreciating by 9.89 percent to N1, while Sovereign Trust Insurance and Caverton Offshore Support Group rose by 9.77 percent and 9.59 percent respectively. First HoldCo added 4.96 percent to close at N148.
The session was not without pressure on some counters. Transcorp Power recorded the steepest decline, falling 9.97 percent from N219.60 to N197.70.
Legend Internet followed with a 9.88 percent decline to N3.65, while Omatek Ventures lost 9.66 percent to close at N1.31. LivingTrust Mortgage Bank and International Breweries also declined by 8.45 percent and 5.94 percent respectively.
NGX Group, which had recently enjoyed a strong run, also came under selling pressure, shedding 2.41 percent to close at N182.50.
Across the sectors, industrial stocks provided much of the momentum. The NGX Industrial Index jumped from 9,936.78 points to 10,224.02 points.
The Insurance Index also moved higher, rising from 1,068.05 to 1,088.09 points, while the Banking Index advanced from 2,553.08 to 2,583.31 points. The Pension Index equally closed higher at 12,925.34 points.
The Growth Index, however, bucked the broader trend, easing to 26,427.37 points from 26,533.97 points.
Financial services remained the most actively traded area of the market. Premium Board banking and other financial institutions accounted for 141.55 million shares across 8,707 transactions.
Zenith Bank recorded the largest individual volume, with 78.56 million shares changing hands, while Access Holdings accounted for another 44.73 million shares.
The Main Board dominated overall activity, recording 949.3 million shares across 35,587 deals. The Growth Board recorded 6.93 million shares, while the Non-Interest Finance Board accounted for 5.56 million shares.
The Real Estate Investment Trust and Close-End Fund segment recorded 3.25 million shares during the session.
Market breadth also reflected the positive sentiment, with 34 stocks closing higher against 23 losers.
Beyond the major gainers, other stocks that advanced included Red Star Express, Mutual Benefits Assurance, Lasaco Assurance, May & Baker, FCMB Group and Jaiz Bank. Access Holdings, Zenith Bank and Transcorp also finished in positive territory.
On the downside, NAHCO, Fidelity Bank, Wema Bank, Oando and UBA were among the stocks that recorded losses.
Trading in exchange-traded funds remained active, with 1,069 transactions involving 265,771 units, while activity in the bond market remained subdued, with just eight trades involving 12,110 units.
With the latest advance, the NGX has now moved further away from its weekly low of 243,052.74 points recorded on Friday, September 11, as investors continue to position across selected equities.
The market’s next direction will be closely watched as the five-session winning streak puts the benchmark index at 246,315.38 points and total market capitalisation at N159.9 trillion.
