Sunday, 10th December 2023
To guardian.ng
Search

Index hits 15-year high as market sustains bullish momentum

By Helen Oji
30 August 2023   |   2:09 am
The Nigerian Exchange Limited (NGX) sustained gains at the end of yesterday's transactions occasioned by gains in Dangote Sugar Refinery (DSR) and 33 stocks, causing the all-share index (ASI) to rise by 0.5 per cent to a 15-year high of 66,490.34 points.

NGX Group building

•SEC seals Stockmatch over illegal activities

The Nigerian Exchange Limited (NGX) sustained gains at the end of yesterday’s transactions occasioned by gains in Dangote Sugar Refinery (DSR) and 33 stocks, causing the all-share index (ASI) to rise by 0.5 per cent to a 15-year high of 66,490.34 points.

The market capitalisation of listed equities rose by N186 billion to close at N36.391 trillion while the ASI which measures the performance of listed equities increased by 338.96 points, representing a gain of 0.51 per cent.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Dangote Sugar Refinery, NASCON Allied Industries, Flour Mills of Nigeria, Transcorp Hotels and Nigerian Aviation Handling Company (NAHCO).

Market breadth closed positive, as 34 stocks gained relative to 32 decliners. Champion Breweries and Flour Mills of Nigeria emerged as the highest price gainer of 10 per cent each to close at N3.19 kobo and N33 respectively.

National Salt Company of Nigeria Allied Industries followed with a gain of 9.96 per cent to close at N54.1, while Nigerian Aviation Handling Company and Dangote Sugar Refinery advanced by 9.95 per cent each to close at N22.1 and N57.45 respectively.

On the other side, Linkage Assurance and Computer Warehouse Group (CWG) led others on the losers’ chart with 10 per cent each to close at 90 kobo and N4.05 kobo respectively, while Chellaram followed with a decline of 9.85 per cent to close at N3.57 kobo.

Prestige Assurance depreciated by 9.8 per cent to close at 46 kobo, while University Press shed 9.66 per cent to close at N2.15 kobo. The total volume of trade increased by 40.45 per cent to 436.956 million units, valued at N7.014 billion, and exchanged in 7,932 deals. Transactions in the shares of FBN Holdings (FBNH) led the activity with 55.146 million shares worth N911.206 million.

Japaul Gold & Ventures followed with 33.111 million shares valued at N29.923 million, while United Bank for Africa (UBA) traded 30.177 million shares valued at N412.172 million.

Access Holdings traded 25.354 million shares worth N414.374 million, while Transnational Corporation (Transcorp) traded 18.219 million shares worth N127.717 million.

Meanwhile, the Securities and Exchange Commission (SEC) has sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State, for allegedly engaging in illegal investment activities.

According to the commission, the office of the company in Wulari Plaza Maiduguri, was shut down for allegedly carrying out fund management activities without registration by the SEC.

The commission advised the public to always confirm from the commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by it.