By Dipo Olowookere
There is a renewed demand for Nigerian stocks at the moment and the reason is due to the impressive financial performance of companies listed on the Nigerian Exchange (NGX) Limited for the first quarter of 2022.
The statements already released showed that local equities have prospects to deliver value to investors and have triggered a high demand for them, with traders literarily queuing to buy shares like they rush Shoprite bread.
At the market on Friday, the bourse further appreciated by 1.64 per cent, causing the All-Share Index (ASI) to rise by 801.18 points to 49,638.94 points from 48,837.76 points, while the market capitalisation increased by N432 billion to N26.761 trillion from N26.329 trillion.
According to the trading data, NEM Insurance recorded the highest price hike as its value went up by 10.00 per cent to N4.40, Academy Press improved by 9.70 per cent to N1.47, Cadbury Nigeria rose by 9.63 per cent to N10.25, Champion Breweries increased by 9.57 per cent to N2.52, while Julius Berger gained 9.35 per cent to sell for N30.40.
On the flip side, NPF Microfinance Bank recorded a 10.00 per cent loss to trade at N1.98, Trans-Nationwide Express depleted by 8.99 per cent to 81 kobo, Eterna shed 7.38 per cent to finish at N6.02, Cornerstone Insurance fell by 4.84 per cent to 59 kobo, while Dangote Sugar dropped 4.42 per cent to N16.20.
During the session, investors traded 6.4 billion shares worth N30.2 billion in 6,378 deals and this was mainly boosted by an off-market sale of 6 billion units of Honeywell Flour shares.
In the preceding session, a total of 759.7 million shares valued at N5.5 billion exchanged hands in 5,032 deals, indicating that the trading volume, value and number of deals increased by 743.25 per cent, 446.22 per cent and 26.75 per cent respectively.
A breakdown showed that Honeywell Flour closed with 6.1 billion units worth N25.6 million, Transcorp sold 36.1 million shares valued at N42.2 million, AIICO Insurance transacted 27.1 million stocks for N20.9 million, FCMB traded 22.1 million equities for N84.6 million, while FBN Holdings transacted 16.5 million shares for N197.0 million.
Business Post reports that the key sectors of the market appreciated yesterday with the insurance, consumer goods, industrial goods, energy and banking indices gaining 1.85 per cent, 1.31 per cent, 1.22 per cent, 0.68 per cent and 0.17 per cent respectively.
