Investors Gain N5bn on Renewed Interest in Energy Stocks

By Dipo Olowookere

The portfolios of investors at the Nigerian Exchange (NGX) Limited were expanded by N5 billion on Friday on the back of renewed interest in energy stocks.

The sector was one of the two gainers yesterday as a result of demand for shares of Ardova and Oando and this lifted the index higher by 0.95 per cent. The other rising sector was industrial goods, which rose by 0.01 per cent.

The insurance sector depreciated by 0.39 per cent during the session, while the banking space lost 0.05 per cent, with the consumer goods counter closing flat.

At the close of transactions, the All-Share Index (ASI) rose marginally by 0.02 per cent or 9.24 points to 38,810.75 points from 38,801.51 points, while the market capitalisation increased by N5 billion to N20.221 trillion from N20.216 trillion.

Business Post reports that the stock market closed with 10 appreciating equities and 12 depreciating equities, indicating a negative investor sentiment.

Transcorp Hotels was the highest price gainer as its value rose by 9.80 per cent to N3.92 and was trailed by Regency Assurance, which gained 6.67 per cent to settle at 48 kobo.

Oando rose by 4.13 per cent to trade at N4.79, Ardova appreciated by 3.33 per cent to sell for N15.50, while Cutix rose by 2.73 per cent to close at N5.65.

However, the heaviest price loser at the market yesterday was Juli as its share price went down by 9.76 per cent to N1.11 and was followed by Africa Prudential, which lost 5.51 per cent to close at N6.00.

Consolidated Hallmark Insurance depreciated by 3.28 per cent to 59 kobo, Mutual Benefits Assurance reduced by 2.63 per cent to 37 kobo, while Vitafoam lost 2.60 per cent to trade at N15.00.

In terms of the transactions recorded on Friday, the number of deals declined by 10.62 per cent to 3,267 deals from 3,655 deals, the trading volume rose by 20.03 per cent to 167.8 million units from 139.8 million units, while the trading value increased by 18.07 per cent to N1.7 billion from N1.4 billion.

A breakdown showed that FBN Holdings was the most traded stock at the last trading session of the week with the sale of 27.3 million shares worth N199.6 million.

GTCO transacted 14.4 million stocks valued at N404.0 million, Transcorp exchanged 13.0 million equities worth N12.4 million, FCMB exchanged 12.3 million stocks for N38.0 million, while Wema Bank transacted 12.1 million shares valued at N10.8 million.