Ardova and others push stock market up 0.19%
By Dipo Olowookere
Trading activity on the floor of the Nigerian Exchange (NGX) Limited ended on a high note on Friday with growth of 0.19%, reversing the previous day’s decline.
It was observed that the stock market appreciated during the session due to renewed buying pressure on some stocks, which investors believed could see price appreciation in the coming days.
Data from the stock market showed investor sentiment was strongly positive yesterday, although the market was marred by weak trading activity.
A total of 154.2 million shares worth 1.8 billion naira traded in 4,515 trades on Friday, compared to 244.0 million shares worth 2.4 billion naira traded in 4 710 transactions on Thursday, indicating a drop in transaction volume, value and number of transactions by 36.85%, 25.34% and 4.14% respectively.
Fidelity Bank closed as the most traded stock yesterday, selling 20.2 million units worth N71.9 million, followed by Zenith Bank with 12.0 million units worth of N274.0 million. UBA traded 11.6 million shares for N90.7 million, Transcorp traded 11.2 million shares valued at N11.0 million, while NGX Group sold 10.2 million shares for N243.1 million.
Business post reports that, unlike the previous session, growth was spread across the five major sectors of the stock market, with the energy index rising 0.83%. The banking counter appreciated by 0.75%, that of insurance improved by 0.64%, the consumer goods sector rose by 0.20% while its cousin industrial goods gained 0, 06%.
As for the benchmark All-Share Index (ASI), it rose by 87.95 points on Friday to stand at 46,631.46 points compared to 46,543.51 points the day before, while the capitalization The market gained 48 billion naira to close at 25.140 trillion naira against N25 on Thursday. 0.092 trillion.
Market breadth was positive yesterday with 16 price losers and 28 price winners led by Ardova, which added 9.87% to its stock price to close at 12.80 N. Meyer was up 9.71% at 1.13N, Jaiz Bank was up 7.81% at 69 kobo, FCMB was up 7.17% at 3.44N, while RT Briscoe gained 7.14% to sell at 60 kobo.
Sitting comfortably atop the losers table yesterday was Royal Exchange with a price depreciation of 9.52% to 95 kobo. CWG lost 9.26% to 98 kobo, Caverton fell 7.35% to N1.26, Chams fell 4.76% to 20 kobo, while Multiverse fell 4.35% to close at 22 kobo.