Forte Oil Returns Equity Market to Green Zone

By Modupe Gbadeyanka

Trading in the Nigerian equities market closed on a positive note on Friday after Forte Oil and 18 others stocks buoyed the Nigerian Stock Exchange (NSE) with 0.19 percent growth to keep the year-to-date return at 38.12 percent.

The All-Share Index increased by 68.74 points to close at 37,120.28 points, while the market capitalisation grew by N23.8 billion to settle at N12.9 trillion.

The market was still quiet on Friday as investors remained cautious of the market environment, choosing very carefully which equity to trade.

At the close of business today, the volume of equities transacted marginally depreciated by 0.27 percent, while the value declined by 24.89 percent.

A total of 175.3 million shares were traded on Friday in 3,235 deals worth N2.7 billion, in contrast to 175.8 million shares valued at N3.5 billion sold in 3,357 deals.

Business Post reports that the Financial Services sector led the activity chart with 135.224 million shares exchanged for ₦N.486 billion, while the Consumer Goods industry came next with 20.954 million shares traded for N1.074 billion.

It was Zenith Bank shares that attracted investors on Friday with a total of 33 million shares traded at N824.2 million.

FBN Holdings sold 24 million shares for N172.7 million, while Fidelity Bank transacted 16.7 million shares for N27.6 million.

FCMB exchanged 15.8 million shares worth N18 million, and Diamond Bank traded 14.4 million shares valued at N16.7 million.

On the price movement chart, Forte Oil emerged the day’s highest gainer after adding N2.10k to its share price to close at N44.10k per share.

Cadbury grew by N1.14k to close at N12.34k per share, while International Breweries increased by N1.1k to close at N50 per share.

Nigerian Breweries improved by 90k to end at N143.90k per share, and GTBank advanced by 50k to settle at N43 per share.

CCNN was the heaviest loser at the stock market on Friday, shedding 43k of its share value to settle at N9.27k per share.

Fidson depreciated by 18k to close at N3.76k per share, while Access Bank fell by 12k to end at N9.91k per share.

Champion Breweries decreased by 11k to finish at N2.9k per share, and Zenith Bank declined by 10k to close at N25 per share.