Renewed Interest in Nigerian Stocks Buoys Market by 0.25%

May 15, 2021
Nigerian Stocks

By Dipo Olowookere

Nigerian stocks returned from the Eid al-Fitr holidays to close positive on Friday, appreciating by 0.25 per cent when trading activities were wrapped up for the day.

The growth was spurred by renewed interest in the market as investors jumped on some value equities, especially in the financial and consumer goods sectors.

At the close of transactions, the insurance sector grew by 1.33 per cent, the banking index gained 1.13 per cent, the consumer goods space appreciated by 0.61 per cent, the energy counter increased by 0.32 per cent, while the industrial goods sector closed flat.

As for the All-Share Index (ASI), it increased by 98.93 points to 39,481.89 points from 39,382.96 points, while the market capitalisation expanded by N52 billion to N20.579 trillion from N20.527 trillion.

A total of 19 stocks appreciated in price on Friday, more than the 14 price losers, with Eterna topping the risers after its stocks rose by 10.00 per cent to N6.60.

Regency Alliance Insurance gained 9.68 per cent to 34 kobo, NEM Insurance appreciated by 9.47 per cent to N2.08, Consolidated Hallmark Insurance gained 8.89 per cent to sell at 49 kobo, while ABC Transport improved by 8.82 per cent to 37 kobo.

Academy Press was the worst-performing stock on Friday as its value went down by 10.00 per cent to close at 36 kobo.

Linkage Assurance dropped 8.00 per cent to sell for 69 kobo, Japaul declined by 6.78 per cent to 55 kobo, Mutual Benefits Assurance fell by 4.76 per cent to 40 kobo, while Courtville lost 4.76 per cent to sell for 20 kobo.

During the session, a total of 219.6 million shares worth N2.9 billion exchanged hands in 4,107 deals compared with the 296.6 million shares worth N3.4 billion transacted on Tuesday in 4,265 deals.

Zenith Bank was the most traded stock with 32.0 million units worth N754.9 million and was followed by Access Bank, which traded 28.8 million shares for N243.8 million.

Fidelity Bank exchanged 19.7 million equities valued at N46.3 million, FBN Holdings transacted 18.5 million stocks for N131.4 million, while GTBank traded 11.2 million shares valued at N332.1 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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