NGX Index Ends 0.35 Percent Higher Due to Continued Buy Pressure

Buy Pressure

As investors snatched up shares in the banking sector with the anticipation of selling them at greater prices in the coming days, the bulls dominated the trading floor of the local stock exchange on Monday.

The Nigerian Exchange (NGX) Limited remained in positive territory for a longer period of time thanks to this persistent buying pressure throughout the opening trading session of the new week.

Yesterday, the energy sector experienced selling pressure as it fell 0.64 percent, but this was not enough to affect the share market at the close of trading.

This came as a result of the insurance sector’s 1.34 percent increase, the banking index’s 0.89 percent gain, the consumer goods sector’s 0.39 percent growth, and the industrial goods counter’s 0.01 percent rise.

As a result, the market capitalization increased by N98 billion to conclude at N28.515 trillion as opposed to the previous session’s N28.417 trillion, while the All-Share Index (ASI) gained 181.20 points to close at 52,369.13 points compared to last Friday’s 52,187.93 points.

The busiest stock of the day was Zenith Bank, which sold 53.4 million units. Access Holdings came in second with 48.0 million units sold. 31.1 million units were exchanged by UBA, 23.6 million by AXA Mansard, and 20.1 million by GTCO.

At the close of business, investors had transacted 318.2 million shares worth N4.1 billion in 5,847 deals as opposed to 810.8 million shares worth N8.2 billion in 5,313 deals the day before. This represents an increase in the number of deals by 10.5% and a decrease in trading volume and value by 60.76% and 50.00%, respectively.

On Monday, the stock exchange concluded with 31 price risers and 15 price decliners, showing a favorable market breadth.

The largest price increaser yesterday was Ikeja Hotel, which gained 9.85% to trade at N2.23, Academy Press, which increased by 9.80% to N1.68, Prestige Assurance, which increased by 9.76% to close at 45 Kobo, NPF Microfinance Bank, which increased by 9.71% to N1.92, and C & I Leasing, which increased by 9.69% to N3.51.

On the other hand, NCR Nigeria ended the session as the session’s biggest price loser after falling by 9.71% to N2.79, followed by Sovereign Trust Insurance who lost 8.89% to 41 Kobo, Neimeth who lost 7.33% to N1.39, Ardova who lost 6.95% to N18.75, and Royal Exchange who lost 5.77% to 49 Kobo.

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