Dipo Olowookere
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.09 per cent on Friday after going through a two-day selling pressure after the Presidential Election Petitions Tribunal on Wednesday upheld the victory of President Bola Tinubu in the presidential election of February 25, 2023.
Before the judgement, there had been tension in the country, with the military and the police threatening to deal with dissenting voices.
The fear gripped stock investors, influencing their decision to book profit. But after the main opposition parties, the Peoples Democratic Party (PDP) and the Labour Party (LP) said they would appeal the judgement at the Supreme Court, urging their supporters to remain calm, the bourse bounced back on Friday.
Bargain-hunting in financial and industrial goods equities supported the growth achieved during the session.
At the close of business, the consumer goods counter rose by 0.18 per cent, the industrial goods sector appreciated by 0.16 per cent, and the banking index grew by 0.14 per cent.
However, the insurance counter depreciated by 0.43 per cent, and the energy counter closed flat despite renewed interest in Oando shares.
Business Post reports that the All-Share Index (ASI) increased yesterday by 61.23 points to 68,143.34 points from 68,082.11 points, and the market capitalisation improved by N33 billion to close at N37.295 trillion versus Thursday’s closing value of N37.262 trillion.
At the exchange, investor sentiment was very strong after Customs Street ended with 30 price advancers and 17 price laggards, indicating a positive market breadth index.
Oando topped the gainers’ chart after its price rose by 10.00 per cent to N7.70, CWG gained 9.89 per cent to N5.78, Neimeth appreciated by 9.80 per cent to N1.68, Ikeja Hotel increased by 8.93 per cent to N3.05, and Cutix jumped by 8.05 per cent to N2.55.
Conversely, Chellarams topped the losers table after it fell by 9.94 per cent to N2.90, Omatek shed 9.38 per cent to 58 Kobo, ABC Transport went down by 8.13 per cent N1.13, Thomas Wyatt depreciated by 7.83 per cent to N2.00, and Red Star Express declined by 7.42 per cent to N2.87.
The busiest equity was FCMB as it traded 116.9 million units valued at N791.4 million, Access Holdings transacted 36.3 million units worth N631.8 million, Oando traded 34.2 million units valued at N260.2 million, UBA exchanged 34.2 million units worth N521.6 million, and Fidelity Bank sold 34.1 million units for N297.4 million.
At the close of business, investors traded 483.5 million shares valued at N8.3 billion in 6,660 deals on the last trading session of the week compared with the 378.1 million shares worth N8.4 billion traded in 8,106 deals a day earlier, showing an increase in the trading volume by 27.88 per cent, a decline in the trading valued by 1.19 per cent, and a drop in the number of deals by 17.84 per cent.
