Dipo Olowookere
The key trading indices of the Nigerian Exchange (NGX) Limited closed higher by 0.08 per cent on Friday on the back of renewed bargain hunting as investors begin to have confidence in the market.
Business Post reports that the insurance, energy and consumer goods sectors appreciated yesterday by 1.04 per cent, 0.32 per cent and 0.04 per cent respectively, while the banking and industrial goods counters went down by 0.34 per cent and 0.13 per cent apiece.
When the trading activities were round up for the day, the All-Share Index (ASI) improved by 32.56 points to 38,943.87 points from 38,911.31 points, while the market capitalisation increased by N17 billion to N20.290 trillion from N20.273 trillion.
Investor sentiment was positive yesterday as there were nine price losers and 18 price gainers led Consolidated Hallmark Insurance, which appreciated by 8.33 per cent to 52 kobo.
Regency Alliance improved by 7.14 per cent to 45 kobo, Prestige Assurance rose by 6.82 per cent to sell for 47 kobo, United Capital gained 6.59 per cent to trade at N8.90, while Sovereign Trust Insurance went up by 4.00 per cent to 26 kobo.
On the reverse side, Ikeja Hotel emerged as the worst-performing stock with a loss of 6.56 per cent to close at N1.14, followed by Okomu Oil, which fell by 6.00 per cent to N104.00.
In addition, Unity Bank depreciated by 3.51 per cent to quote at 55 kobo, Courtville went down by 3.33 per cent to 29 kobo, while Lafarge Africa declined by 2.27 per cent to N21.50.
At the market yesterday, investors traded 155.1 million stocks worth N2.0 billion in 2,906 deals in contrast to the 130.2 million stocks worth N1.4 billion transacted in 2,962 deals on Thursday.
This showed that the trading volume went up by 19.12 per cent, the trading value increased by 42.86 per cent, while the number of deals depreciated by 1.89 per cent.
Universal Insurance ended the last trading session of the week as the most traded stock with the sale of 19.1 million units valued at N3.8 million, trailed by UBA with 11.1 million units valued at N84.1 million.
Also, Lafarge Africa sold 10.2 million shares for N220.2 million, Zenith Bank transacted 10.0 million equities worth N235.6 million, while United Capital exchanged 9.8 million stocks for N84.9 million.
