The Nigerian Exchange (NGX) Limited rebounded by 0.48 per cent on Friday after enduring a run of losses in the past few trading sessions due to profit-taking.
Yesterday, traders picked up some shares trading at lower prices with prospect to rise in the coming day, with the bargain-hunting contributing to the growth.
The insurance sector rebounded by 7.06 per cent, the consumer goods index grew by 1.08 per cent, the banking counter appreciated by 0.83 per cent, and the energy space gained 0.07 per cent, while the industrial goods industry lost 0.08 per cent, with the commodity sector closing flat.
At the close of business, the All-Share Index (ASI) went up by 671.70 points to 141,004.14 points from 140,332.44 points and the market capitalisation increased by N425 billion to N89.209 trillion from the N88.784 trillion it ended in the preceding session.
The quartet of FTN Cocoa, Beta Glass, Veritas Kapital, and UPDC gained 10.00 per cent each during the session to quote at N6.60, N449.35, N1.98, and N6.93, respectively, and Sovereign Trust Insurance expanded by 9.96 per cent to N2.65.
On the flip side, Thomas Wyatt declined by 9.91 per cent to N3.00, Geregu Power went down by 9.09 per cent to N1,141.50, McNichols slumped by 7.51 per cent to N3.20, The Initiates dropped 4.43 per cent to close at N12.30, and eTranzact crashed by 3.98 per cent to N10.85.
Business Post reports that the bourse finished with 51 price gainers and 13 price losers, indicating a positive market breadth index and strong investor sentiment.
The most active stock for the day was Zenith Bank with 345.6 million units sold for N21.2 billion, FCMB traded 336.0 million units worth N3.5 billion, AIICO Insurance transacted 43.7 million units valued at N181.8 million, Nigerian Breweries exchanged 43.3 million units for N3.0 billion, and Coronation Insurance traded 33.3 million units valued at N103.6 million.
In all, investors bought and sold 1.3 billion equities worth N47.8 billion in 25,916 deals compared with the 573.8 million equities valued at N12.9 billion exchanged in 25,881 deals recorded a day earlier, representing a rise in the trading volume, value, and number of deals by 126.6 per cent, 270.4 per cent, and 0.14 per cent, respectively.