Renewed Bargain Hunting Activity Triggers 0.47% Growth on NGX

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited posted a 0.47 per cent growth on Friday on the back of renewed bargain hunting activity across most sectors of the market.

Business Post reports that the banking index rose during the session by 2.20 per cent as the energy index appreciated by 1.30 per cent, with the consumer goods, insurance and industrial goods counters rising by 0.24 per cent, 0.16 per cent and 0.11 per cent respectively.

At the close of business, the All-Share Index (ASI) jumped by 197.75 points to finish at 41,882.97 points compared with the previous day’s 41,685.22 points, while the market capitalisation appreciated by N104 billion to close at N21.855 trillion versus Thursday’s closing value of N21.751 trillion.

The market breadth closed positive yesterday with 13 price losers and 24 price gainers led by Meyer, which grew by 10.00 per cent to finish at 33 kobo.

Sovereign Trust Insurance appreciated by 9.09 per cent to 24 kobo, UPDC REIT rose by 8.64 per cent to N4.40, Guinness Nigeria jumped 6.84 per cent to N39.00, while Champion Breweries increased by 6.27 per cent to N2.71.

Unity Bank led the losers’ chart on Friday with a price depreciation of 6.52 per cent to 43 kobo, Jaiz Bank lost 5.97 per cent to trade at 63 kobo, Custodian Investment dropped 5.33 per cent to N7.10, Courtville fell by 5.13 per cent to 37 kobo, while Chams declined by 4.76 per cent to 20 kobo.

The level of activity at the exchange yesterday was poor as the trading volume, value and the number of deals depreciated by 6.03 per cent, 33.86 per cent and 7.23 per cent respectively.

This was because a total of 444.9 million equities valued at N3.4 billion were traded in 3,594 deals during the session in contrast to the 473.5 million equities worth N5.2 billion transacted in 3,874 deals a day earlier.

Data showed that C&I Leasing was the most transacted stock yesterday with 146.4 million units valued at N673.5 million, followed by Access Bank with 55.8 million units worth N511.0 million.

FBN Holdings transacted 35.4 million shares for N415.1 million, FCMB traded 35.3 million equities worth N105.5 million, while Unity Bank sold 30.0 million stocks for N12.8 million.