By Dipo Olowookere
The Nigerian Exchange (NGX) Limited posted its first gain in nine sessions on Friday after it closed higher by 0.40 per cent amid nationwide protests against bad governance.
Some Nigerians have been on the streets since Thursday, August 1, 2024, to compel President Bola Tinubu to cost the cost of governance and make life better for citizens.
However, in the midst of the civil unrest, he has yet to address the demonstrators, using his Ministers and aides to call for calm and patience to his policies to yield positive results.
The country’s stock exchange reacted positively yesterday after pockets of bargain-hunting, with the energy space rising by 2.56 per cent, and the banking country growing by 1.31 per cent.
Further, the insurance index appreciated by 0.99 per cent, the consumer goods sector improved by 0.09 per cent, and the industrial goods counter jumped by 0.01 per cent.
As a result, the All-Share Index (ASI) increased by 385.97 points to 97,745.73 points from 97,359.76 points, and the market capitalisation expanded by N219 billion to settle at N55.497 trillion from the N55.278 trillion it ended a day earlier.
Investor sentiment was strong on the last trading session of the week as the bourse ended with 36 appreciating stocks and 10 depreciating stocks, representing a positive market breadth index.
The trio of Oando, May and Baker, and Okomu Oil gained 10.00 per cent each to trade at N25.30, N7.04, and N321.20 apiece, as TotalEnergies rose by 9.98 per cent to N427.70, and United Capital grew by 9.95 per cent to N12.15.
Mecure Industries depreciated by 9.82 per cent to N7.35, ABC Transport shed 9.09 per cent to 70 Kobo, Sovereign Trust Insurance declined by 9.09 per cent to 50 Kobo, Sunu Assurances lost 8.16 per cent to settle at N1.35, and UPDC slumped by 6.92 per cent to N1.21.
A total of 210.9 million shares worth N4.0 billion were traded in 6,603 deals during the session versus the 565.1 million shares valued at N8.5 billion transacted in 6,821 deals on Thursday, representing a decline in the trading volume, value and number of deals by 62.68 per cent, 52.94 per cent, and 3.20 per cent, respectively.
UBA was the busiest equity yesterday with 37.6 million units valued at N752.0 million, Japaul traded 17.2 million units worth N30.2 million, Oando sold 14.9 million units for N371.0 million, Zenith Bank exchanged 13.8 million units valued at N490.0 million, and Veritas Kapital transacted 11.7 million units worth N11.7 million.
