Market up 0.43% as Financial Stocks Dominate Trading Activity

By Dipo Olowookere

Nigerian stocks appreciated by 0.43 per cent on Friday on the back of sustained bargain hunting and improved trading activity.

During the last trading session for the week, investors exchanged 287.0 million equities worth N3.0 billion in 3,578.00 as against the 228.1 million shares worth N2.6 billion traded in 3,656 deals the previous day.

This increase was buoyed by financial stocks with Access Bank trading 46.8 million units worth N351.8 million, while GTBank transacted 42.7 million units valued at N1.3 billion.

Linkage Assurance sold 29.3 million stocks for N23.7 million, FBN Holdings exchanged 22.8 million equities worth N170.0 million, while UBA traded 21.3 million shares for N158.9 million.

Business Post reports that there were 32 price gainers and nine price losers yesterday, with Tripple Gee closing as the best-performing stock after its value rose by 9.23 per cent to 71 kobo.

Sovereign Trust Insurance improved by 8.70 per cent to 25 kobo, Stanbic IBTC gained 8.70 per cent to settle at N50.00, Academy Press appreciated by 8.11 per cent to 40 kobo, while Regency Alliance Insurance gained 8.00 per cent to sell for 27 kobo.

At the other end, Union Dicon Salt topped the losers’ list after it depreciated by 9.59 per cent to close at N9.90 and was trailed by Linkage Assurance, which lost 4.76 per cent to finish at 80 kobo.

Cornerstone Insurance declined by 3.70 per cent to 52 kobo, FTN Cocoa went down by 2.50 per cent to 39 kobo, while Northern Nigerian Flour Mills dropped 0.83 per cent to sell for N5.95.

On a sectoral level, apart from the energy index, which closed flat, every other sector closed positive with the consumer goods space growing by 0.94 per cent. The insurance index rose by 0.57 per cent, banking gained 0.51 per cent, while the industrial goods counter improved by 0.11 per cent.

When the market closed for the day, the All-Share Index (ASI) increased by 170.02 points to 39,301.82 points from 39,131.80 points, while the market capitalisation expanded by N89 billion to N20.569 trillion from N20.480 trillion.