Investors Gain N3bn on Buying Interest in Zenith Bank, Others

By Dipo Olowookere

Investors in the nation’s stock market gained N3 billion on Thursday following the marginal 0.01 per cent appreciation recorded at the Nigerian Exchange (NGX) Limited.

As a result, the market capitalisation expanded to N21.825 trillion from N21.822 trillion as the All-Share Index (ASI) rose by 6.17 points to 41,813.27 points from 41,807.10 points.

The gains were boosted by buying interest in financial equities, with the insurance sector rising by 2.24 per cent and the banking space appreciating by 0.52 per cent.

Unfortunately, the energy counter lost 0.78 per cent, the consumer goods sector went down by 0.27 per cent, while the industrial goods index depreciated by 0.06 per cent.

The market breadth was positive yesterday as there were 12 depreciating stocks and 21 appreciating stocks led by Consolidated Hallmark Insurance, which grew by 10.00 per cent to 77 kobo.

Mutual Benefits rose by 9.68 per cent to 34 kobo, Regency Assurance appreciated by 9.30 per cent to 47 kobo, Unity Bank gained 8.33 per cent to sell at 52 kobo, while Coronation Insurance jumped by 8.16 per cent to 53 kobo.

On the other hand, FTN Cocoa closed the session as the heaviest price loser, depreciating by 7.50 per cent to trade at 37 kobo and was trailed by Veritas Kapital, which fell by 4.76 per cent to 20 kobo.

Furthermore, Royal Exchange depreciated by 4.76 per cent to 80 kobo, Ecobank lost 3.47 per cent to quote at N8.35, while Ardova declined by 2.99 per cent to N13.00.

Jaiz Bank finished the day as the most traded stock with a turnover of 97.8 million units valued at N53.2 million, followed by Access Bank, which traded 34.1 million shares worth N308.4 million.

Sterling Bank transacted 30.5 million equities valued at N44.9 million, UPDC REIT exchanged 15.5 million stocks for N61.5 million, while NGX Group transacted 15.0 million shares for N299.2 million.

At the close of business, a total of 360.0 million stocks worth N1.8 billion were traded in 3,607 deals in contrast to the 180.2 million stocks worth N1.5 billion transacted in 3,828 deals a day earlier, indicating an increase in the trading volume and value by 99.78 per cent and 24.53 per cent respectively, while the number of deals depreciated by 5.77 per cent.