Buy Pressure on NGX Extends to Third Day as FCMB Attracts Attention

By Dipo Olowookere

For the third straight day, the local stock market closed bullish on Friday with a 0.16 per cent appreciation influenced by buying pressure on large and mid-cap equities.

Business Post reports that financial equities were among the toasts of investors on the floor of the Nigerian Exchange (NGX) Limited yesterday, with the banking index rising by 0.34 per cent and the insurance sector appreciating by 0.28 per cent.

However, the energy counter depreciated by 0.35 per cent, while the duo of consumer goods and industrial goods sectors closed flat.

But the All-Share Index (ASI) increased at the close of transactions by 73.50 points to 47,437.48 points from 47,363.98 points, while the market capitalisation went up by N39 billion to N25.566 trillion from N25.527 trillion.

It was observed that FCMB attracted the attention of investors at the exchange on Friday with a cross trade of about 879 million at N3.75 and at the close of trades, it sold a total of 932.9 million units worth N3.5 billion.

Zenith Bank traded 30.0 million shares valued at N805.7 million, Access Bank exchanged 22.5 million equities worth N227.8 million, Fidelity Bank sold 19.3 million stocks for N55.2 million, while United Capital transacted 16.9 million shares valued at N208.5 million.

At the close of business, a total of 1.2 billion stocks worth N7.0 billion were bought and sold in 3,928 deals compared with the 261.6 million stocks worth N4.5 billion transacted in 4,672 deals on Thursday, implying an increase in the trading volume by 341.02 per cent, a rise in the trading value by 56.97 per cent and a decline in the number of deals by 15.92 per cent.

On the price movement chart, Niger Insurance topped the gainers’ chart with a price appreciation of 10.00 per cent to settle at 22 kobo.

RT Briscoe grew by 8.96 per cent to 73 kobo, UPDC rose by 7.61 per cent to 99 kobo, UAC Nigeria improved by 5.97 per cent to N10.65, while Cornerstone Insurance gained 5.71 per cent to trade at 74 kobo.

On the reverse side, Royal Exchange topped the losers’ table after its value went down by 9.70 per cent to N1.21, followed by Ellah Lakes with a price depreciation of 9.57 per cent to N3.12.

Pharma-Deko fell by 8.00 per cent to sell for N1.84, Linkage Assurance declined by 7.14 per cent to 52 kobo, while Unilever Nigeria lost 5.71 per cent to sell for N13.20.