Nigerian Exchange Gains 1.56% Despite Profit-taking in GTCO, Others

By Dipo Olowookere

The last trading day of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note on Friday, with an appreciation of 1.56 per cent.

The bourse finished higher despite a pocket of profit-taking in GTCO, Flour Mills, Access Holdings and others.

Gains reported by other blue-chip stocks helped the domestic equity market to close in the green territory during the session, as investor sentiment was weak.

Business Post reports that there were 30 depreciating equities yesterday and 24 appreciating equities led by BUA Foods and PZ Cussons, which chalked up 10.00 per cent each to sell at N357.50, and N30.25 apiece.

Further, Geregu Power appreciated by 9.90 per cent to trade at N901.00, Julius Berger rose by 9.88 per cent to close at N55.60, and Juli grew by 9.70 per cent to N1.47.

On the flip side, Livestock Feeds and Flour Mills went down by 10.00 per cent to N1.71, and N35.10, respectively, Meyer slumped by 9.97 per cent to N5.60, The Initiates declined by 9.70 per cent to N2.14, and Sunu Assurances crumbled by 9.18 per cent to N1.78.

A total of 332.4 million stocks valued at N7.9 billion exchanged hands in 8,238 deals on Friday compared with the 284.5 million stocks worth N6.9 billion traded in 8,168 deals on Thursday, representing a leap in the trading volume, value, and the number of deals by 16.84 per cent, 14.49 per cent, and 0.86 per cent apiece.

The most active stock for the day was FBN Holdings, which exchanged 49.9 million units valued at N1.4 billion, followed by UBA, which transacted 36.9 million units worth N912.4 million. Unity Bank sold 29.8 million units for N75.8 million, GTCO traded 27.6 million units valued at N1.1 billion, and Access Holdings transacted 19.3 million units worth N434.0 million.

Yesterday, the insurance sector lost 0.69 per cent and the energy index crashed by 0.32 per cent, while the industrial goods space closed flat, with the consumer goods and the banking sectors appreciating by 6.08 per cent and 0.74 per cent, respectively.

Consequently, the All-Share Index (ASI) grew by 1,622.78 points to 105,722.78 points from 104,100.00 points, and the market capitalisation increased by N888 billion to N57.850 trillion from N56.962 trillion.