By Oluyinka Onigbinde
The Nigerian equities market closed the week on a positive note on Friday, as the benchmark NGX All-Share Index (ASI) gained 674.61 points, representing a 0.28 per cent increase, to close at 243,052.74.
The gain came despite a sharp decline in trading activity, with investors exchanging 552.87 million shares in 45,614 deals valued at N25.78 billion.
Compared with Thursday’s trading session, Friday’s performance represented a 60 per cent decline in traded volume, five per cent drop in turnover and one per cent decline in the number of deals.
The market capitalisation of the Nigerian Exchange (NGX) stood at N157.6 trillion, equivalent to about $119 billion, at the close of trading.
A total of 133 listed equities participated in the session, with 30 stocks recording price gains while 18 stocks closed in the red.
UPDC Real Estate Investment Trust emerged as the day’s best-performing stock, gaining 10 per cent to close at N13.75 per share. Abbey Mortgage Bank also appreciated by 10 per cent, while Omatek Ventures and Consolidated Hallmark Holdings rose by 9.6 per cent and 9.06 per cent respectively.
On the decliners’ chart, John Holt recorded the highest loss, shedding 10 per cent to close at N9.00 per share. Austin Laz & Company followed with a 9.55 per cent decline, while Royal Exchange and UPDC fell by 9.09 per cent and 5.88 per cent respectively.
Sterling Bank dominated trading by volume, with 98.8 million shares exchanged during the session. Fidelity Bank followed with 67.6 million shares, while Ellah Lakes and Guaranty Trust Holding Company recorded 29.8 million and 29.5 million shares respectively.
Despite Friday’s gain, the ASI recorded a 1.6 per cent decline over the week. However, the index remained marginally positive over the four-week period, gaining 0.01 per cent, while its year-to-date return stood at 56.19 per cent.
Other major market indices also closed higher. The NGX Top 30 Index rose 0.23 per cent, although it recorded a 1.5 per cent weekly decline and a 57.61 per cent year-to-date gain.
The NGX Insurance Index recorded the strongest daily performance among the major sectoral indices, rising 1.96 per cent, despite a 5.52 per cent weekly decline and 10.94 per cent year-to-date loss.
The NGX Consumer Goods Index gained 0.97 per cent on Friday, while the Banking Index advanced 0.72 per cent. The Main Board Index and Pension Index also appreciated by 0.36 per cent and 0.28 per cent respectively.
On a year-to-date basis, the NGX Pension Index remained the best performer among the highlighted indices, with a gain of 78.27 per cent, followed by the Banking Index at 66.82 per cent and the Top 30 Index at 57.61 per cent.
