NGX Closes Bullish, Gains 0.14% on Demand for Oando, Others

The bourse finished in green territory as a result of renewed bargain-hunting by investors, who showed appetite for energy and commodity stocks, leaving their respective sector up by 1.74 per cent and 0.52 per cent.

However, the others experienced profit-taking, with the consumer goods space losing 0.41 per cent, the banking index shedding 0.16 per cent, and the insurance counter declining by 0.13 per cent. When the market closed for the day, the industrial goods sector remained unchanged.

Business Post reports that the All-Share Index (ASI) appreciated by 145.93 points to 107,821.39 points from 107,675.46 points and the market capitalisation gained N91 billion to settle at N67.193 trillion versus Thursday’s value of N67.102 trillion.

Despite the growth recorded by Customs Street yesterday, investor sentiment was weak, as there were 26 price gainers and 34 price losers, indicating a negative market breadth index.

Austin Laz gained 10.00 per cent to close at N2.09, Oando grew by 9.94 per cent to N58.05, Caverton improved by 9.67 per cent to N2.95, John Holt expanded by 9.09 per cent to N7.98, and PZ Cussons appreciated by 9.09 per cent to N35.40.

On the flip side, Red Star Express shed 9.96 per cent to finish at N6.60, Learn Africa dropped 9.84 per cent to close at N3.30, Multiverse crashed by 9.72 per cent to N9.75, Cadbury Nigeria declined by 9.62 per cent to N26.30, and Linkage Assurance slumped by 5.80 per cent to N1.30.

It was quite a busy day on Friday at the bourse as Zenith Bank ended with a turnover of 122.2 million shares sold for N5.9 billion, FCMB transacted 50.2 million stocks worth N525.9 million, Access Holding exchanged 28.6 million equities for N734.8 million, Fidelity Bank traded 19.9 million stocks valued at N353.1 million, and Jaiz Bank transacted 17.6 million shares worth N59.8 million.

At the close of trading activities, investors bought and sold 458.3 million equities for N14.1 billion in 12,213 deals versus the 423.4 million equities worth N9.6 billion traded in 11,112 deals a day earlier, implying a spike in the trading volume, value and number of deals by 8.24 per cent, 46.88 per cent, and 9.91 per cent, respectively.