The Nigerian Exchange (NGX) Limited recorded its first gain on Friday after it closed higher by 0.29 per cent on renewed bargain-hunting by investors.
The panic selling of Nigerian stocks was halted after market participants decided to mop up shares currently trading at give-away prices at the bourse.
This occurred amid a mild profit-taking, which caused the insurance counter to weaken by 1.98 per cent and the consumer goods space to drop 0.22 per cent.
However, buying pressured lifted the industrial goods sector by 1.06 per cent, the banking index appreciated by 0.83 per cent, and the energy industry improved by 0.13 per cent, while the commodity counter closed flat.
At the close of business, the All-Share Index (ASI) expanded by 449.79 points to 154,126.45 points from 153,676.66 points and the market capitalisation rose by N286 billion to N97.829 trillion from N97.543 trillion.
A total of 5.2 billion equities valued at N45.2 billion exchanged hands in 30,598 deals on Friday compared with the 795.9 million equities worth N35.1 billion traded in 28,944 deals on Thursday, showing a surge in the trading volume, value, and number of deals by 553.35 per cent, 28.78 per cent, and 5.72 per cent apiece.
Business Post reports that the significant increase in the activity level was driven by Cornerstone Insurance, which traded 4.7 billion units worth N22.1 billion.
GTCO transacted 66.4 million units valued at N6.0 billion, Access Holdings exchanged 46.6 million units for N1.1 billion, Oando sold 32.1 million units worth N1.6 billion, and Universal Insurance transacted 27.5 million units valued at N32.0 million.
Julius Berger and Learn Africa led the gainers’ group yesterday after closing higher by 10.00 per cent each to sell for N151.80 and N6.49 apiece, Cornerstone Insurance gained 9.82 per cent to close at N6.15, Aso Savings jumped by 9.57 per cent to N1.03, and Ikeja Hotel advanced by 8.36 per cent to N18.80.
Conversely, the trio of McNichols, Eterna, and Deap Capital shrank by 10.00 per cent each to N2.97, N36.00, and N1.71, respectively, as Sunu Assurance lost 9.98 per cent to quote at N4.51, and Legend Internet decreased by 9.93 per cent to N5.26.
It was observed that investor sentiment remained weak due to a negative market breadth index triggered by 35 price losers and 31 price gainers.