The equity market rebounded by 0.07 per cent on Friday after spending a night at the bears’ territory due to selling pressure from investors rebalancing their portfolios.
Yesterday, the bulls resurfaced despite investor sentiment remaining weak, indicating that the gains remain fragile, as the bears could still stage a comeback.
It was observed that the Nigerian Exchange (NGX) Limited ended the last trading session of this week with 33 price gainers and 39 price losers, implying a negative market breadth index.
Morison Industries led the advancers’ chart with a 9.94 per cent growth to sell for N7.52, Union Homes REIT also gained 9.94 per cent to close at N71.35, SCOA Nigeria appreciated by 9.93 per cent to N23.80, RT Briscoe improved by 9.93 per cent to N5.98, and Austin Laz jumped by 9.78 per cent to N4.49.
On the flip side, Neimeth lost 9.86 per cent to settle at N13.25, Secure Electronic Technology declined by 9.35 per cent to 97 Kobo, Eterna fell by 8.23 per cent to N28.45, University Press crashed by 6.25 per cent to N6.00, and Eunisell slumped by 5.84 per cent to N153.95.
Business Post reports that the busiest stock on Friday was Chams with 76.9 million units sold for N387.4 million, Secure Electronic Technology transacted 68.0 million units worth N66.7 million, Zenith Bank exchanged 49.2 million units valued at N3.5 billion, Zichis traded 48.8 million units for N127.9 million, and Fidelity Bank sold 39.6 million units worth N758.2 million.
At the close of trades, 731.7 million units of shares valued at N19.1 billion were transacted in 44,005 deals yesterday compared with the 768.3 million units of shares worth N21.2 billion traded in 46,481 deals on Thursday, indicating a shortfall in the trading volume, value, and number of deals by 4.76 per cent, 9.91 per cent, and 5.33 per cent, respectively.
Data revealed that the commodity index was flat during the trading day, while the insurance and the consumer goods indices went down by 0.42 per cent, and 0.31 per cent apiece.
However, the industrial goods space expanded by 0.55 per cent, the banking counter rose by 0.31 per cent, and energy sector grew by 0.01 per cent.
As a result, the All-Share Index (ASI) increased by 114.81 points to 165,512.18 points from 165,397.37 points and the market capitalisation gained N73 billion to finish at N105.959 trillion compared with the previous day’s N105.886 trillion.