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By Dipo Olowookere

There was renewed strength on the trading floor of the Nigerian Exchange (NGX) Limited on Wednesday thanks to renewed bargain hunting on some fundamentally sound stocks.

This pushed the market further up 0.56% in the mid-week session, with investor sentiment closing positive as 18 stocks rose in value while 16 stocks depreciated, indicating that the market begins to regain investor confidence.

The main driver of the bullish momentum was the consumer goods counter, which rose 0.39% during the session, mainly due to the gains printed by BUA Foods, Flour Mills and a few others.

However, the other four main sectors of the stock exchange depreciated at the close of trade, with the banking index dropping 0.61%. The insurance space fell 0.39%, the industrial goods space fell 0.28%, while the energy meter fell 0.19%.

But when the market closed for the day, the All-Share Index (ASI) rose 285.46 points to 51,377.21 points from 51,091.75 points, while the market capitalization increased by 154 billion. to 27.698 billion naira from 27.544 billion naira.

Ellah Lakes saw the strongest price growth with 10.00% to sell at N4.40, Presco appreciated 9.71% to N183.00, FBN Holdings gained 9.52% to list at N9, 20, Livestock Feeds rose 9.09% to end at N1.44, while Courteville closed up 8.70% at 50 kobo.

On the contrary, Northern Nigerian Flour Mills ended the midweek session as the largest price decline, shedding 9.91% to trade at 9.55N, John Holt was down 9.86% to end at 64 kobo, CWG depreciated 9.09% to 80 kobo, Consolidated Hallmark Insurance fell 8.82% to 62 kobo, while GlaxoSmithKline fell 6.25% to 6.00 N.

Oando was the most active stock on the exchange yesterday, selling 34.5 million units for N185.0 million and was followed by FCMB, which traded 26.2 million units worth N91.7 million. UBA traded 26.0 million shares worth N194.1 million, Access Holdings traded 22.8 million shares for N216.3 million, while GTCO sold N15.8 million of shares for N332.4 million.

In total, investors bought and sold 229.4 million shares worth N3.2 billion in 4,536 trades, compared to 167.0 million shares worth N2.7 billion. naira traded in 4,398 transactions on Tuesday, implying an increase in volume, value and number of transactions by 37.37%, 16.68% and 3.14% respectively.


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