Nigerian Stocks Post Marginal Gain of 0.02%

By Dipo Olowookere

A marginal gain of 0.02 per cent was posted by Nigerian stocks on Friday, extending their upward movement for another trading session.

The growth recorded by the Nigerian Exchange (NGX) Limited occurred despite the profit-taking seen in the banking sector during the session, which pulled it downwards by 0.06 per cent.

Business Post reports that the insurance space appreciated by 2.26 per cent, and the consumer goods counter appreciated by 0.03 per cent, while the energy and industrial goods sectors closed flat each.

At the close of business, the All-Share Index (ASI) increased by 24.35 points to 99,300.38 points from 99,276.03 points, and the market capitalisation expanded by N14 billion to settle at N56.173 trillion compared with Thursday’s closing value of N56.159 trillion.

UPDC finished the day as the biggest price gainer after it chalked up 9.84 per cent to trade at N1.34, International Energy Insurance rose by 9.74 per cent to N1.69, RT Briscoe grew by 9.09 per cent to 48 Kobo, Oando advanced by 8.26 per cent to N11.80, and Cornerstone Insurance improved by 7.95 per cent to N1.90.

On the other end, C&I Leasing ended the session as the heaviest price loser after it shed 10.00 per cent to quote at N2.97, FTN Cocoa declined by 8.33 per cent to N1.10, Livestock Feeds depreciated by 6.78 per cent to N1.65, Ellah Lakes depleted by 5.36 per cent to N3.00, and Chams retreated by 4.46 per cent to N1.50.

Data revealed that the bourse recorded 23 price gainers and 15 price losers yesterday, indicating a positive market breadth index and a bullish investor sentiment.

A total of 434.0 million stocks worth N8.6 billion exchanged hands in 8,525 deals on Friday versus the 309.7 million stocks worth N5.4 billion transacted in 7,035 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 40.14 per cent, 59.26 per cent, and 21.18 per cent apiece.

Zenith Bank was investors’ toast yesterday with the sale of 111.1 million shares valued at N3.7 billion, AIICO traded 59.1 million equities worth N59.1 million, Access Holdings exchanged 43.4 million equities worth N746.7 million, Fidelity Bank sold 36.2 million shares for N367.6 million, and GTCO transacted 24.2 million equities valued at N965.7 million.