Dipo Olowookere
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited again crossed the 38,000 points on Friday, days after slipping below the threshold.
The market appreciated by 0.83 per cent yesterday on the back of bargain hunting in large-cap equities like Dangote Cement, Zenith Bank, Seplat and others.
Business Post reports that the demand for these stocks lifted the stock market as investors are beginning to return to take shares trading at cheap prices.
At the close of transactions, the industrial goods sector appreciated by 2.02 per cent, the energy index rose by 0.73 per cent, the banking counter appreciated by 0.73 per cent, while the insurance index dropped 0.68 per cent, with the consumer goods counter closing flat.
The gains printed by the industrial goods, energy and banking sectors pushed the benchmark index, the ASI, higher by 313.42 points to 38,212.01 points from 37,898.59 points and expanded the market capitalisation by N163 billion to N19.919 trillion from N19.756 trillion.
NASCON led the gainers’ chart on the last trading session of the week after its equity value went up by 9.76 per cent to N15.75 and was trailed by Ikeja Hotel, which rose by 9.59 per cent to N1.60.
Berger Paints appreciated by 9.52 per cent to trade at N9.20, Academy Press grew by 9.38 per cent to sell for 35 kobo, while Tripple Gee gained 9.09 per cent to quote at 84 kobo.
Conversely, University Press led the losers’ chart with a price depreciation of 8.98 per cent to N1.52 and was trailed by Linkage Assurance, which lost 7.61 per cent to quote at 85 kobo.
FCMB depreciated by 7.46 per cent to trade at N3.10, Lasaco Assurance went down by 6.33 per cent to N1.48, while FTN Cocoa declined by 6.06 per cent to 31 kobo.
At the close of business, the market recorded 23 price gainers and 15 price losers, indicating a positive market breadth and positive investor sentiment.
However, the activity level was mixed as the trading volume increased by 1.82 per cent to 209.2 million shares from 205.5 million shares, while the trading value decreased by 26.26 per cent to N2.0 billion from N2.7 billion, with the number of deals reducing by 9.07 per cent to 3,240 deals from 3,563 deals.
Wema Bank finished the session as the most traded stock with the sale of 36.1 million stocks worth N24.7 million and was trailed by Courtville, which sold 20.8 million stocks worth N4.3 million.
Fidelity Bank traded 19.1 million shares valued at N44.4 million, Access Bank transacted 18.4 million equities valued at N157.1 million, while Zenith Bank exchanged 17.9 million shares for N429.5 million.
