Bulls Take Over Nigerian Exchange With 0.61% Growth

By Dipo Olowookere

The bulls made a return to the Nigerian Exchange (NGX) on Friday with a 0.61 per cent growth as a result of a renewed buying pressure.

Business Post observed bargain hunting in equities in almost all the key sectors of the market, but when market activities were ended for the day, only the banking space closed in red with a decline of 0.52 per cent.

The industrial goods counter appreciated by 1.19 per cent, the insurance space improved by 0.94 per cent, the consumer goods sector gained 0.44 per cent, while the energy index closed flat.

At the close of transactions, the All-Share Index (ASI) increased by 236.12 points to 38,808.01 points from 38,571.89 points, while the market capitalisation expanded by N125.0 billion to N20.310 trillion from N20.185 trillion.

Chams finished the session as the highest price gainer as its share price rose by 10.00 per cent to 22 kobo and was trailed by UAC Property, which gained 9.72 per cent to close at 79 kobo.

Guinness Nigeria appreciated by 9.26 per cent to trade at N31.85, Northern Nigerian Flour Mills gained 9.18 per cent to sell for N5.35, while PZ Cussons appreciated by 8.43 per cent to N4.50.

The bullish run seen in Japaul lately was halted last Friday as its equity value reduced by 10.00 per cent as a result of profit-taking, closing at 63 kobo.

Sterling Bank lost 9.76 per cent to quote at N1.48, FCMB went down by 8.90 per cent to N2.66, Mutual Benefits Assurance dropped 8.11 per cent to end at 34 kobo, while GlaxoSmithKline declined by 5.88 per cent to N6.40.

During the session, the trading volume went down by 17.82 per cent to 262.5 million shares from 319.4 million shares, the number of deals decreased by 15.22 per cent to 3,525 deals from 4,158 deals, while the value of traded stocks rose by 37.32 per cent to N2.4 billion from N1.8 billion.

For another trading day, Fidelity Bank closed as the most active stock with the sale of 46.2 million units valued at N110.6 million and was followed by FBN Holdings with 34.0 million units worth N258.4 million.

GTBank sold 33.5 million equities for N965.3 million, Mutual Benefits Assurance exchanged 20.5 million shares worth N7.1 million, while Axa Mansard Insurance transacted 14.1 million stocks valued at N12.3 million.