NGX All-Share Index Rises 0.18% to 65,325.37 points

By Dipo Olowookere

Trading activities on the floor of the Nigerian Exchange (NGX) Limited closed bullish on Friday, with investor sentiment remaining strong as a result of sustained bargain-hunting.

Local Bourse Rebounds by 0.37% on Renewed Bargain-Hunting

Customs Street Slumps by 0.57% on Renewed Selling Pressure

Local Stock Market Records First Gain in Seven Sessions

This pushed the local stock market higher by 0.18 per cent at the close of transactions as investors mop up some mid and large-cap equities across the sectors.

It was observed that the industrial goods space lost 0.05 per cent due to profit-taking in Lafarge Africa, as the consumer goods and the energy indices closed flat, while the insurance sector appreciated by 0.37 per cent and the banking counter gained 0.01 per cent.

The All-Share Index (ASI) went up by 120.55 points during the session to 65,325.37 points from 65,204.82 points, and the market capitalisation increased by N89 billion to N35.573 trillion from N35.484 trillion.

The NGX ended the last trading day of the week with 29 price gainers and 25 price losers, representing a positive market breadth index.

SFS REIT chalked up 9.96 per cent to close at N76.20, CWG rose by 9.82 per cent to N3.02, GlaxoSmithKline improved by 9.78 per cent to N10.10, The Initiates jumped by 9.30 per cent to 94 Kobo, and Cornerstone Insurance grew by 9.26 per cent to N1.18.

On the flip side, the duo of Nigerian Enamelware and Veritas Kapital lost 10.00 per cent each to trade at N17.55, and 27 Kobo, respectively. Prestige Assurance declined by 9.80 per cent to 46 Kobo, RT Briscoe shed 8.51 per cent to 43 Kobo, and Mutual Benefits depreciated by 7.84 per cent to 47 Kobo.

Yesterday, investors transacted 489.7 million equities valued at N8.4 billion in 5,804 deals compared with the 361.2 million equities valued at N5.7 billion traded in 5,531 deals on Thursday, implying an improvement in the trading volume, value and the number of deals by 35.58 per cent, 47.37 per cent, and 4.94 per cent apiece.

Sterling Holdings finished the day as the most traded stock with the sale of 86.1 million units worth N298.9 million, Transcorp transacted 66.6 million units valued at N251.0 million, Universal Insurance exchanged 54.9 million units worth N12.1 million, Living Trust Mortgage Bank sold 24.8 million units valued at N67.2 million, and Fidelity Bank recorded the sale of 21.5 million units worth N163.3 million.