By Dipo Olowookere
The equity market in Nigeria closed 0.09 per cent higher on Friday to extend the gains recorded by Nigerian stocks to three consecutive trading sessions.
It was observed that the demand for banking and consumer goods shares further strengthened the Nigerian Exchange (NGX) Limited as investors begin to rebalance their portfolios ahead of the release of half-year results.
Business Post reports that the banking and consumer goods sectors closed higher yesterday by 0.44 per cent and 0.07 per cent respectively, while the insurance index finished lower by 0.15 per cent, with the energy and industrial goods counters closing flat.
At the close of transactions, the All-Share Index (ASI) increased by 33.80 points to 38,648.91 points from 38,615.11 points, while the market capitalisation rose by N17 billion to N20.143 trillion from N20.126 trillion.
There were 17 appreciating stocks on Friday compared with the 10 declining equities, signifying that the market breadth finished positive.
On top of the top advancers’ log was Consolidated Hallmark Insurance as a result of the 9.84 per cent increase in its share price to 67 kobo.
Regency Alliance trailed after its value improved by 8.70 per cent to 50 kobo, Royal Exchange gained 5.88 per cent to trade at 72 kobo, Cornerstone Insurance appreciated by 5.45 per cent to 58 kobo, while Unity Bank chalked up 5.45 per cent to sell for 58 kobo.
The highest decliner on Friday was Mutual Benefits Assurance as a result of the 8.16 per cent decline in its equity value to 45 kobo.
Courtville lost 4.76 per cent to trade at 20 kobo, AIICO Insurance went down by 2.68 per cent to N1.09, Japaul depreciated by 1.96 per cent to 50 kobo, while Coronation Insurance depleted by 1.72 per cent to 57 kobo.
As for the trades, Zenith Bank was investors’ darling, dominating the activity chart with the sale of 45.0 million stocks valued at N1.1 billion.
Wema Bank traded 21.7 million equities worth N12.0 million, UBA exchanged 15.3 million shares valued at N112.2 million, Transcorp transacted 14.2 million stocks worth N12.8 million, while Axa Mansard Insurance sold 11.8 million shares for N10.6 million.
When the market closed for the day and week, a total of 220.6 million stocks worth N2.5 billion were traded in 2,952 deals as against the 160.4 million equities worth N1.4 billion transacted on Thursday in 3,260 deals.
This indicated that the volume of transactions increased by 37.52 per cent, the value of trades jumped by 81.24 per cent, while the number of deals decreased by 9.45 per cent.
Adedapo Adesanya