Bargain Hunters Push NGX Trading Indices Higher by 0.21%

By Dipo Olowookere

The trading indices of the Nigerian Exchange (NGX) Limited closed higher by 0.21 per cent on Friday following renewed bargain hunting activity.

This came mainly from the interest of investors in shares in the banking, energy and industrial goods sectors, which closed higher by 0.99 per cent, 0.39 per cent and 0.01 per cent respectively.

They outweighed the 1.04 per cent decline and 0.09 per cent loss suffered by the insurance and consumer goods counters respectively.

At the close transactions, the All-Share Index (ASI) increased by 80.28 points to 37,947.18 points from 37,866.90 points and expanded the market capitalisation by N42 billion to N19.771 trillion from N19.729 trillion.

CAP was the highest price gainer yesterday with a price appreciation of 9.47 per cent to finish at N20.80 and was trailed by United Capital, which grew by 3.17 per cent to N6.50.

Oando rose by 2.81 per cent to sell for N3.29, Access Bank appreciated by 2.22 per cent to N9.20, while Japaul rose by 2.00 per cent to 51 kobo.

Conversely, Consolidated Hallmark Insurance was the heaviest price loser with a price depreciation of 9.23 per cent to settle at 59 kobo.

FTN Cocoa went down by 8.89 per cent to 41 kobo, Unity Bank depleted by 8.47 per cent to 54 kobo, ABC Transport declined by 8.33 per cent to 33 kobo, while Regency Alliance dropped 8.16 per cent to 45 kobo.

On the activity chart, GTCO was the most traded stock, transacting 75.6 million shares valued at N2.2 billion and was trailed by Jaiz Bank, which traded 21.5 million stocks worth N12.5 million.

Sovereign Trust Insurance exchanged 16.7 million equities valued at N5.3 million, Universal Insurance traded 13.0 million shares worth N2.7 million, while United Capital transacted 12.6 million stocks valued at N81.3 million.

At the close of trading activities on the floor of the exchange, Business Post gathered that investors traded 266.7 million shares worth N3.0 billion in 3,065 deals as against the 160.0 million shares worth N927.9 million transacted in 3,038 deals, indicating increases in the trading volume, value and number of deals by 66.72 per cent, 228.05 per cent and 0.89 per cent respectively.