By Dipo Olowookere
A 2.5 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday on persistent bargain-hunting by investors, whose appetite for local equities has continued to grow as several analysts have projected a positive economic outlook for the country if certain steps are taken by the government.
During the last session of the week, the volume of transactions spiked by 3.02 per cent to 519.4 million shares from 504.2 million, while the value of transactions depreciated by 13.59 per cent to N8.9 billion from N10.3 billion, and the number of deals declined by 7.63 per cent to 11,301 deals from 12,235 deals.
Japaul finished the day as the most traded stock with a turnover of 59.2 million units valued at N181.2 million, UBA sold 48.7 million units for N1.5 billion, Universal Insurance exchanged 39.9 million units worth N18.5 million, GTCO traded 24.7 million units valued at N1.1 billion, and United Capital transacted 22.3 million units worth N498.5 million.
Investor sentiment remained bullish yesterday after the bourse ended with 46 price gainers and 14 price losers, indicating a positive market breadth index.
The top gainers’ log was headed by Japaul, which improved its value by 10.00 per cent to settle at N3.08, PZ Cussons grew by 9.92 per cent to N36.00, Royal Exchange appreciated by 9.86 per cent to 78 Kobo, Honeywell Flour rose by 9.84 per cent to N4.91, and Sunu Assurances grew by 9.76 per cent to N2.25.
On the flip side, The Initiates led the losers’ table after it fell by 6.88 per cent to N2.30, Jaiz Bank lost 6.39 per cent to quote at N2.93, Tantalizers moderated by 6.00 per cent to 47 Kobo, DAAR Communications weakened by 4.26 per cent to 90 Kobo, and International Breweries depleted by 3.99 per cent to N5.30.
All the key sectors of the NGX closed higher on Friday, with the insurance index rising by 2.82 per cent, and the banking index appreciating by 1.19 per cent. The consumer goods counter increased by 0.71 per cent, the energy space grew by 0.10 per cent, and the industrial goods sector rose by 0.01 per cent.
As a result, the All-Share Index (ASI) gained 251.95 points to close at 102,401.88 points compared with the previous day’s 102,149.93 points, and the market capitalisation went up by N137 billion to close at N56.038 trillion versus Thursday’s value of N55.901 trillion.
Adedapo Adesanya