NGX Index Rises 0.09% as NEM Insurance Tops Gainers Chart

By Dipo Olowookere

NEM Insurance closed on Friday as the best-performing stock, joining nine others to raise the Nigerian Exchange (NGX) Limited higher by 0.09 per cent when trading activities finished for the session.

Business Post reports that investor sentiment turned bearish yesterday despite the gains printed by the NGX index as a result of renewed profit-taking in the energy sub-sector, Oando being the major culprit.

Its index fell by 0.16 per cent during the session, while the banking, insurance, industrial goods and consumer goods counters appreciated by 0.87 per cent, 0.44 per cent, 0.15 per cent and 0.06 per cent respectively.

At the close of business, the All-Share Index (ASI) increased by 42.87 points to 49,695.12 points from 49,652.25 points, while the market capitalisation rose by N23 billion to N26.805 trillion from N26.782 trillion.

The share price of NEM Insurance improved by 7.62 per cent yesterday to N5.65, Chams grew by 6.90 per cent to 31 Kobo, FCMB appreciated by 6.06 per cent to N3.50, UBA gained 3.42 per cent to quote at N7.55, while Flour Mills increased by 3.41 per cent to N30.30.

A total of 16 equities depreciated in value on the last trading session of this week, with Honeywell Flour positing the highest fall, 10.00 per cent, to settle at N2.25. Learn Africa declined by 8.91 per cent to N2.25, Linkage Assurance fell by 7.69 per cent to 48 Kobo, Coronation Insurance went down by 7.32 per cent to 38 Kobo, while Jaiz Bank depleted by 4.49 per cent to 85 Kobo.

Yesterday, Sterling Bank recorded the highest trading volume, selling 173.8 million stocks valued at N252.1 million, UBA sold 54.1 million shares worth N400.6 million, Zenith Bank traded 14.0 million equities worth N281.4 million, Chams exchanged 14.0 million shares for N4.1 million, while Transcorp sold 6.4 million stocks for N6.8 million.

In all, investors bought and sold 319.1 million equities valued at N1.9 billion in 3,335 deals on Friday compared with the 161.9 million equities worth N1.6 billion transacted in 3,541 deals on Thursday, showing a decline in the number of deals by 5.82 per cent and an increase in the trading volume and value by 97.11 per cent and 14.60 per cent respectively.