NGX sustains rally as investors buy insurance, oil & gas stocks

Nigeria’s equities market rose further on Wednesday by 0.31 percent, its second positive close this week, as investors bought mostly insurance, oil & gas, and industrial stocks. This is in addition to record mild buy activities in banking and consumer goods stocks.

Conoil rallied most on Wednesday from N320 to N352, adding N32 or 10 percent. RTBriscoe also made the top advancers league after its share price rose from N2.20 to N2.42, adding 22 kobo or 10 percent.

Likewise, Africa Prudential rallied from N13 to N14.30, adding N1.30 or 10 percent. Golden Guinea Breweries moved higher from N6.53 to N7.18, up by 65 Kobo or 9.95 percent, while NEM Insurance increased from N9.75 to N10.70, adding 95 kobo or 9.74 percent.

The market’s positive close on Wednesday pushed its return year-to-date (YtD) further into the positive region at + 31.74 percent.

Looking at the sectoral indices shows that NGX Industrial Index increased by 0.15 percent, NGX Banking (+0.06 percent), NGX Consumer Goods (+0.04 percent), NGX Insurance Index (+2.34 percent), and NGX Oil & Gas Index (+2.59 percent).

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further from preceding day’s lows of 98,206.97 points and N59.531 trillion respectively to 98,509.68 points and N59.715 trillion.

In 7,943 deals, investors exchanged 320,101,766 shares worth N6.477billion. Stocks like Etranzact, Universal Insurance, Zenith Bank, FBN Holdings and UBA were most traded stocks.