The market’s latest performance reflects sustained investor appetite for fundamentally strong stocks, despite a negative market breadth, as bargain hunting continued to support gains across key sectors
By Moses Okorie
The Nigerian equities market sustained its upward trajectory on Friday, with investors gaining N235 billion as renewed buying interest in blue-chip stocks extended the market’s winning streak to three consecutive trading sessions.
At the close of trading, the Nigerian Exchange (NGX) market capitalisation rose by 0.15 per cent to N158.513 trillion, compared with N158.278 trillion recorded in the previous session.
The benchmark All-Share Index (ASI) also advanced by 364.26 points, or 0.15 per cent, to settle at 245,573.60 from 245,209.34, bringing the market’s year-to-date return to 57.81 per cent.
Although the benchmark indices closed higher, market sentiment remained mixed as decliners outnumbered gainers. A total of 24 stocks posted losses, while 22 recorded price appreciation.
Red Star Express led the laggards after dropping 10 per cent to close at N18.00 per share. CAP declined by 9.98 per cent to N115.45, while John Holt fell 9.82 per cent to N10.10. ABC Transport shed 9.57 per cent to close at N5.20, and Legend Internet lost 8.70 per cent to finish the day at N4.20 per share.
On the positive side, UPDC recorded the highest price gain, appreciating by 9.23 per cent to N3.55 per share. Computer Warehouse Group followed with a 6.56 per cent increase to N19.50, while AXA Mansard Insurance rose 4.80 per cent to N13.10.
Neimeth International Pharmaceutical gained 4.24 per cent to close at N8.60, while Cutix appreciated by four per cent to N2.60 per share.
Trading activity also improved significantly during the session. Investors traded 1.52 billion shares worth N26.65 billion in 42,580 deals, representing a 185.55 per cent increase in volume compared with the previous trading day.
Fortis Global Insurance dominated the activity chart by volume, accounting for 824.46 million shares, or 54.29 per cent of the total shares traded.
Access Corporation emerged as the most valuable stock traded during the session, recording transactions worth N4.67 billion, which represented 17.52 per cent of the day’s total turnover.
The market’s latest performance reflects sustained investor appetite for fundamentally strong stocks, despite a negative market breadth, as bargain hunting continued to support gains across key sectors.