Equities Gain N141bn on Positive Market Breadth Index

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited returned to the green territory on Friday after it gained 0.25 per cent, buoyed by a positive market breadth index.

Business Post reports that the equity market ended the week’s last trading session with 35 appreciating shares and 21 depreciating shares, implying strong investor sentiment.

Information about Fidson Healthcare planning a few plants in a free trade zone area triggered buying interest, resulting in a 10.00 per cent price appreciation at the close of transactions to N15.95.

It topped the gainers’ table because of this and was trailed by Meyer, which improved its value by 9.98 per cent to trade at N7.05.

Caverton expanded by 9.82 per cent to N3.69, PZ Cussons grew by 9.81 per cent after it announced an exit plan from Nigeria to settle at N17.35, and Academy Press advanced by 9.69 per cent to N3.17.

On the flip side, the positive momentum on FBN Holdings slowed yesterday, topping the losers’ chart after it dropped 9.98 per cent to sell at N27.50, Northern Nigerian Flour Mills fell by 9.96 per cent to N35.25, Chapel Hill Denham Nigeria Infrastructure Debt Fund lost 9.93 per cent to quote at N101.60, Flour Mills tumbled by 8.91 per cent to N50.45, and John Holt went down by 9.74 per cent to N2.78.

The sectorial performance showed the consumer goods space going down by 0.38 per cent and the banking counter down by 0.24 per cent.

However, the insurance index appreciated by 2.39 per cent, the energy sector improved by 0.41 per cent, and the industrial goods industry leapt by 0.01 per cent.

As a result, the All-Share Index (ASI) closed higher by 244.24 points to 98,247.99 points from the preceding day’s 98,003.75 points and the market capitalisation chalked up N141 billion to finish at N56.457 trillion compared with Thursday’s closing value of N56.316 trillion.

Unlike the previous trading day, the activity chart was mixed on Friday as the trading volume surged by 17.14 per cent and the value of transactions depleted by 11.40 per cent, while the number of deals shrank by 11.96 per cent.

Investors traded 554.2 million stocks worth N10.1 billion in 8,670 deals versus the 473.1 million stocks valued at N11.4 billion transacted in 9,848 deals a day earlier.

After selling 151.9 million shares valued at N4.4 billion, FBN Holdings occupied the topmost spot on the activity chart yesterday, trailed by Japaul, which had held the position for a few days, trading 150.1 million equities for N393.0 million. Fidelity Bank exchanged 27.2 million shares valued at N359.6 million, UAC Nigeria transacted 26.0 million shares worth N537.9 million, and AIICO Insurance sold 14.7 million stocks for N17.2 million.