Nigerian Exchange Rises 0.25% Amid Positive Market Sentiment

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting.

Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor.

Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse appreciated by 9.83 per cent to N5.81, and Sunu Assurances increased by 9.71 per cent to N1.13.

Conversely, ABC Transport depreciated by 9.68 per cent to sell for 84 Kobo, C&I Leasing dropped 8.98 per cent to trade at N5.17, Chams fell by 7.73 per cent to N2.15, University Press went down by 7.69 per cent to N2.40, and Royal Exchange lost 7.58 per cent to quote at 61 Kobo.

According to data obtained from the NGX, the banking sector appreciated by 1.62 per cent, the energy and industrial goods sectors closed flat, while the insurance and consumer goods counters shrank by 0.62 per cent and 0.16 per cent, respectively.

At the close of transactions, the All-Share Index (ASI) increased by 177.63 points to 71,230.48 points from 71,052.85 points, and the market capitalisation grew by N98 billion to N39.173 trillion from N39.075 trillion.

There was an improvement in the level of activity at the stock exchange yesterday across the key indicators, with the trading volume, value and the number of deals growing by 3.39 per cent, 26.47 per cent, and 4.48 per cent, respectively.

This was because investors traded 582.8 million equities valued at N4.3 billion in 6,874 deals compared with the 563.7 million equities worth N3.4 billion traded in 6,579 deals on Thursday.

Veritas Kapital finished the day as the busiest stock with a turnover of 107.1 million units worth N46.1 million, Universal Insurance transacted 69.1 million units valued at N19.4 million, Unity Bank exchanged 44.9 million units for N83.0 million, UBA traded 32.1 million units valued at N667.6 million, and Jaiz Bank sold 28.2 million units for N45.0 million.