Market Indices Appreciate by 0.81% as Investors Gain N97b

By Dipo Olowookere

Sustained bargain hunting activity on the floor of the Nigerian Stock Exchange (NSE) pushed the market indices higher by 0.81 percent on Friday.

This left investors N97 billion richer as the market wrapped up for what was supposed to be the last trading day before the presidential election.

Unfortunately, the electoral umpire, the Independent National Electoral Commission (INEC), in the early hours of Saturday (today), announced the postponement of the polls till next Saturday.

The All-Share Index (ASI) appreciated yesterday by 261.51 points to settle at 32,715.20 points, while the market capitalisation increased by N97 billion to finish at N12.200 trillion.

The market breadth closed positive on Friday as a result of the 33 price gainers and 22 price losers recorded at the close of business.

Seplat was the day’s highest price riser, appreciating by N39 to settle at N619 per share, and was followed by Presco, which rose by N6 to end at N66 per share.

Nigerian Breweries garnered N3 to finish at N83 per unit, Dangote Cement appreciated by N3 to quote at N194 per share, while Julius Berger added N1 to its share value to close at N26.50k per share.

On the flip side, Nestle Nigeria emerged as the heaviest price loser, going down by N25 to quote at N1565 per unit.

Unilever Nigeria dropped N3.50k to finish at N43.50k per share, while MRS Oil Nigeria fell by N2.30k to end at N20.85k per unit.

CCNN depreciated by N1 to settle at N21 per share, while UAC of Nigeria declined by 95 kobo to finish at N8.65k per unit.

During the trading session, the total volume and value of equities transacted by investors increased by 91.00 percent and 73.97 percent to 808.7 million units and N6.5 billion respectively.

Diamond Bank was the most actively traded stock yesterday with a turnover of 141.6 million units worth N339.9 million.

Transcorp sold 117.7 million equities for N198.9 million, while Axa Mansard exchanged 94.6 million shares valued at N193.9 million.

In addition, Access Bank traded 77.2 million shares worth N509.6 million, while FCMB transacted 49.4 million equities for N118.8 million.