Stock Market Extends Gains, 5 Companies Shine on Gainers’ Chart
- The Nigerian stock market extended gains on Friday, rising 0.70% as investors engaged in renewed bargain-hunting
- Fidelity Bank, Custodian Investment, Cutix, DAAR Communications, and Union Dicon led the losers’ chart
- Abbey Mortgage Bank, Zenith Bank, Stanbic IBTC, FCMB, and Sovereign Trust Insurance were the most actively traded stocks
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian Stock Market closed the week's last trading day with a gain of 0.70% due to renewed bargain-hunting by investors.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) rose by 975.53 points to 142,133.02 points from 141,157.49 points.
Source: Getty Images
While, market capitalisation jumped by N617 billion to N89.960 trillion from N89.343 trillion.
Snapshot of market performance
A total of 518.7 million stocks worth N18.1 billion were exchanged in 22,350 deals, compared with 5.5 billion stocks valued at N419.7 billion traded in 20,399 deals on Thursday.
This reflected a 9.56% increase in the number of deals but a decline in trading volume and value by 90.57% and 95.69%, respectively.
At the end of the session, 36 equities closed in the green while 23 declined, reflecting a positive market breadth and strong investor sentiment.
Sector performance
- Industrial goods grew by 1.69%
- Consumer goods rose by 1.17%
- Insurance appreciated by 0.63%
- Banking expanded by 0.19%
- Commodity and energy sectors closed flat
Top gainers
- Thomas Wyatt gained N0.30, rising from N3.00 to N3.30 per share (+10.00%)
- Eunisell gained N3.05, moving from N30.55 to N33.60 per share (+9.98%)
- The Initiates gained N1.20, rising from N12.02 to N13.22 per share (+9.98%)
- Lotus Halal 15 gained N8.33, moving from N83.45 to N91.78 per share (+9.98%)
- FTN Cocoa gained N0.54, rising from N5.42 to N5.96 per share (+9.96%)
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Top losers
- Fidelity Bank fell by N2.05, dropping from N20.50 to N18.45 per share (-10.00%)
- Custodian Investment lost N4.30, moving from N48.30 to N44.00 per share (-8.90%)
- Cutix declined by N0.29, falling from N3.49 to N3.20 per share (-8.31%)
- DAAR Communications dropped N0.08, decreasing from N1.14 to N1.06 per share (-7.02%)
- Union Dicon fell by N0.50, moving from N9.50 to N9.00 per share (-5.26%)
Most actively traded stocks
- Abbey Mortgage Bank traded 50.03 million shares valued at N340.19 million
- Zenith Bank exchanged 38.97 million shares worth N2.72 billion
- Stanbic IBTC transacted 38.95 million shares valued at N4.17 billion
- FCMB traded 32.31 million shares worth N347.82 million
- Sovereign Trust Insurance exchanged 27.26 million shares valued at N84.11 million
Providus bank to absorb Unity Bank
Earlier, Legit.ng reported that Providus Bank, which currently holds a regional banking licence, is set to take over the corporate identity and operations of Unity Bank in a strategic merger.
According to BusinessDay, the arrangement stipulates that Unity Bank’s entire share capital will be cancelled, effectively leading to its dissolution.
Under the approved scheme of merger, Providus Bank Limited’s certificate of incorporation will serve as that of the enlarged institution.
Source: Legit.ng
