Insurance, industrial firms lead stock market’s N237bn gain

Investors in the equities market of the Nigerian Exchange Limited gained N237.13bn at the end of trading on Thursday as insurance firms and industrial goods firms pushed the benchmark index higher.

The NGX All-Share index rose by 1.1 per cent to close at 41,704.11 basis points from 41,249.71bps on Wednesday while the market capitalisation of stocks increased to N21.76tn from N21.53tn.

Investor activity fell to 216.19 million shares valued at N3.38bn that were exchanged in 4,272 deals from 499.51 million shares worth N5.08bn in 5,998 deals on Wednesday.

Analysing by sector, performance was broadly positive as NGX Industrial Goods gained 2.2 per cent, insurance gained 1.6 per cent, consumer goods added 1.5 per cent, and banking rose by 0.2 per cent. The NGX Oil and Gas index, however, depreciated by 0.4 per cent.

Market sentiment, as measured by market breadth, was positive as 23 tickers gained as against 16 losers.

Cutix Plc topped the gainers’ chart as its share price jumped by 10.00 per cent to N5.50 at the end of trading on the floor of the NGX on Thursday.

It was followed by NGX Group Plc with a 9.79 per cent increase to close at N23.55 per share.

Consolidated Hallmark Insurance Plc, Nigerian Breweries Plc and BUA Cement Plc gained 9.09 per cent, 7.41 per cent and 6.12 per cent respectively.

Atop the decliners was The Initiates Plc as its share price slumped by 8.51 per cent, closing at N0.43 on Thursday.

Neimeth International Pharmaceuticals Plc fell by 4.86 per cent to N1.76 per share. Universal Insurance Plc (4.76 per cent), Nigerian Aviation Handling Company Plc (3.61 per cent) and Unity Bank Plc (3.51 per cent) were also part of the top losers at the close of trading.