By Dipo Olowookere
The Nigerian Exchange (NGX) Limited seems to be on the fast lane and ready to crush any stray bears that attempt to slow down its pace.
On Friday, the bourse appreciated by 1.65 per cent as bargain-hunting persisted due to renewed interest in local equities by both domestic and foreign investors.
Analysis of the market data showed that the All-Share Index (ASI) surged by 1,020.99 points to 63,040.87 points from 62,019.88 points, as the market capitalisation increased by N556 billion to N34.326 trillion from N33.770 trillion.
The insurance counter gained 4.89 per cent on the last trading day of this week, the banking industry improved by 3.33 per cent, the industrial goods space rose by 1.81 per cent, the energy sector increased by 1.06 per cent, and the consumer goods index jumped by 0.32 per cent.
The level of activity moderated yesterday as investors bought and sold 1.2 billion shares worth N13.9 billion in 10,393 deals compared with the 5.4 billion shares worth N95.0 billion transacted in 9,948 deals on Thursday, indicating an increase in the number of deals by 4.47 per cent, and a decline in the trading volume and value by 77.77 per cent and 85.39 per cent apiece.
The most traded stock on Friday was FBN Holdings, which exchanged 131.8 million units valued at N2.7 billion, followed by Wema Bank, which transacted 131.0 million units worth N644.9 million. FCMB traded 111.4 million shares worth N738.3 million, Universal Insurance traded 101.5 million equities valued at N27.4 million, and UBA exchanged 98.2 million stocks for N1.4 billion.
Omatek, FTN Cocoa, Afromedia and Presco appreciated by 10.00 per cent each yesterday to close at 55 Kobo, N3.19, 22 Kobo, and N220.00 apiece, and Fidelity Bank gained 9.98 per cent to finish at N8.93.
On the flip, Multiverse lost 9.87 per cent to quote at N3.38, RT Briscoe shed 9.59 per cent to sell at 66 Kobo, Courteville depreciated by 8.22 per cent to 67 Kobo, Coronation Insurance went down by 7.58 per cent to 61 Kobo, and Champion Breweries fell by 3.16 per cent to N4.60.
The market breadth index was positive at the close of transactions as it finished with 66 price gainers and 13 price losers, implying a strong investor sentiment.
