31 Stocks Lift NGX Index by 0.56%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.56 per cent on Friday after recording a series of losses due to risk-off sentiments.

But the gains printed by 31 stocks yesterday returned the bulls back to the market, with significant transactions in some financial shares like GTBank, Zenith Bank and others.

According to data from the exchange, GTBank traded 46.2 million equities worth N1.3 billion, Zenith Bank exchanged 20.2 million stocks valued at N465.5 million, Transcorp traded 20.2 million shares for N17.9 million, Fidelity Bank transacted 17.5 million stocks worth N39.3 million, while Mutual Benefits Assurance exchanged 12.9 million shares valued at N6.0 million.

When the market closed for the day, the trading volume rose by 6.77 per cent to 228.7 million units from 214.2 million units just as the trading value increased by 174.61 per cent to N3.7 billion from N1.3 billion, while the number of deals reduced by 6.93 per cent to 3,318 deals from 3,565 deals.

Ikeja Hotel was the highest price gainer on Friday as its value went up by 10.00 per cent to N1.10, followed by Royal Exchange, which gained 9.46 per cent to trade at 81 kobo.

Neimeth appreciated by 9.30 per cent to N1.88, Japaul moved up by 9.26 per cent to 59 kobo, while Mutual Benefits Assurance gained 9.09 per cent to trade at 48 kobo.

On the other hand, the stock with the heaviest loss during the session was Academy Press as it depreciated by 8.33 per cent to sell for 33 kobo.

Lasaco Assurance declined by 7.69 per cent to N1.44, John Holt dropped 7.35 per cent to 63 kobo, Presco lost 3.80 per cent to quote at N75.90, while BUA Cement went down by 3.03 per cent to N72.00.

Business Post reports that at the close of transactions on Friday, the All-Share Index (ASI) increased by 212.41 points to settle at 38,256.99 points in contrast to 38,044.58 points it closed on Thursday.

In the same vein, the market capitalisation, which measures the total value of equities on the exchange, expanded by N110 billion to finish the last trading day of the week at N19.940 trillion versus N19.830 trillion of the preceding day.