Demand Pressure on Large-Cap Stocks Grows Market by N174bn

Large cap stocks

By Dipo Olowookere

The huge demand for some large-cap stocks at the exchange on Friday boosted the market capitalisation by N174 billion to N13.755 trillion from N13.581 billion.

The local equity market, which appreciated by 1.28 per cent during the session, saw the All-Share Index (ASI) reaching another psychological mark after it increased by 332.33 points, closing at 26,319.47 points as against 25,987.14 points it ended the previous session.

Business Post observed that the growth achieved in the trading day was helped by stocks in the consumer goods, banking, industrial goods and insurance sectors, which appreciated by 2.45 per cent, 2.01 per cent, 1.58 per cent and 0.44 per cent respectively, while the energy sector lost 0.51 per cent.

Nigerian Breweries continued its sterling performance, appreciating by N4.70 to end the day as the highest price gainer, closing at N52.55 per unit.

Presco appreciated by N3.50 to settle at N53 per share, Dangote Cement grew by N3.10 to close at N139 per share, Stanbic IBTC rose by N1.40 to finish at N40.50 per unit, while Flour Mills grew by N1.35 to settle at N21.50 per unit.

The heaviest price loser of the session was NPF Microfinance Bank, which lost 45 kobo to finish at N4.05 per unit and was followed by Cadbury Nigeria, which depreciated by 40 kobo to sell for N7 per share.

Oando declined by 22 kobo to trade at N2.03 per share, Dangote Sugar went down by 20 kobo to close at N12.30 per unit, while UAC Nigeria fell by 20 kobo to N6.10 per unit.

On the activity chart, a total of 335.7 million stocks worth N4.3 billion were traded in 4,231 deals as against the 359.3 million shares worth N3.9 billion exchanged in 3,576 deals, indicating 6.56 per cent decline in the trading volume, 10.42 per cent rise in the trading value and 18.32 per cent growth in the number of deals.

Sterling Bank was the most traded stocks, selling 79.6 million units worth N92.3 million, while Zenith Bank transacted 50.8 million shares valued at N878.6 million.

FBN Holdings exchanged 34.2 million equities valued at N176.2 million, UBA sold 26.7 million shares for N163.2 million, while Access Bank traded 22.2 million shares for N147.9 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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