Equity Market Chalks up 0.15% as Academy Press Tops Gainers’ Chart

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited maintained a positive momentum on Friday as it gained 0.15 per cent at the close of transactions following improvements in the industrial goods and consumer goods sectors.

The industrial goods counter chalked up 0.77 per cent, while the consumer goods space appreciated by 0.15 per cent. But the insurance index lost 3.48 per cent due to heavy sell-offs, while the banking space depreciated by 0.35 per cent as a result of profit-taking, with the energy sector closing flat.

Market data showed that the All-Share Index (ASI) increased yesterday by 64.52 points to 44,396.73 points from 44,332.21 points as the market capitalisation went up by N35 billion to close at N24.182 trillion in contrast to the previous day’s N24.147 trillion.

Business Post reports that the equity market was very quiet on the last trading session of the week as the trading volume went down by 20.16 per cent to 95.2 million units from 119.2 million units, the trading value depreciated by 41.14 per cent to N1.9 billion from N3.2 billion, and the number of trades declined by 0.72 per cent to 2,888 deals from 2,909 deals.

Fidelity Bank finished the session as the most traded stock as it sold 26.6 million units, Zenith Bank exchanged 10.8 million units, GTCO transacted 8.2 million units, Access Holdings also transacted 8.2 million units and NGX Group sold 5.8 million units.

During the session, The market breadth was positive yesterday as there were 16 price gainers and 15 price losers, indicating a bullish investor sentiment.

Academy Press gained 9.77 per cent to finish at N1.46, Sterling Bank chalked up 3.95 per cent to sell for N1.58, Chams improved by 3.85 per cent to 27 Kobo, Mutual Benefits rose by 3.57 per cent to 29 Kobo, and Transcorp increased its value by 2.83 per cent to N1.09.

On the flip side, NEM Insurance suffered the heaviest loss as its value went down by 9.98 per cent to N4.42, Royal Exchange fell by 9.78 per cent to close at 83 Kobo, Morison Industries depreciated by 9.59 per cent to trade at N1.98, Sovereign Trust Insurance shrank by 7.14 per cent to end at 26 Kobo, and Coronation Insurance decreased by 5.56 per cent to 34 Kobo.