By Dipo Olowookere
The Nigerian Exchange (NGX) Limited sustained its positive momentum on Friday, as investors remained upbeat that whoever wins the 2023 presidential election on Saturday out of the three major contenders would help revive the dwindling economy.
The youths of the country have tipped Mr Peter Obi of the Labour Party (LP) to emerge winner because of his simple lifestyle, while the others have backed Mr Bola Tinubu of the ruling All Progressives Congress (APC) and Mr Atiku Abubakar of the main opposition Peoples Democratic Party (PDP).
For investors, any of the three understand the economy and could turn things around.
This boosted the confidence of stock traders yesterday, helping the NGX index to rise by 0.55 per cent at the close of transactions.
Consequently, the All-Share Index (ASI) moved up by 302.83 points to 54,949.21 points from 54,646.38 points, and the market capitalisation grew by N165 billion to N29.934 trillion from N29.769 trillion.
Business Post reports that there were 31 price gainers and 12 price losers at the exchange on Friday, indicating a positive market breadth and strong investor confidence.
The trio of The Initiates, John Holt, and McNichols gained 10.00 per cent each yesterday to settle at 44 Kobo, N1.76, and 66 Kobo, respectively, as Conoil rose by 9.94 per cent to N42.60, and MRS Oil grew by 9.89 per cent to N30.55.
On the flip side, Living Trust Mortgage Bank lost 10.00 per cent to finish at N2.70, Cornerstone Insurance dropped 7.69 per cent to 60 Kobo, Courteville shed 4.17 per cent to 46 Kobo, Regency Alliance depreciated by 3.45 per cent to 28 Kobo, and Japaul went down by 3.33 per cent to 29 Kobo.
GTCO ended the session as the most active stock after it transacted 14.1 million units, Transcorp traded 11.0 million units, Access Bank exchanged 10.9 million units, Fidelity Bank traded 9.4 million units, and Zenith Bank sold 8.1 million units.
At the close of business, investors traded 119.1 million units valued at N2.5 billion in 2,820 deals compared with the 142.0 million units worth N1.9 billion traded in 2,651 deals, indicating a decline in the trading volume by 16.13 per cent, an increase in the trading value and the number of deals by 31.58 per cent, and 6.37 per cent, respectively.
A look into the sectorial performance showed that the consumer goods, energy, banking, insurance, and industrial goods counters appreciated by 2.36 per cent, 1.19 per cent, 0.61 per cent, 0.48 per cent, and 0.37 per cent, respectively.
