By Dipo Olowookere
The strong appetite for banking stocks, in particular GTCO, Ecobank, Zenith Bank and others, supported the 0.10% growth recorded by the stock market on Friday.
The securities of these financial institutions were the toast of investors at the Nigerian Exchange (NGX) Limited yesterday and at the close of business the All-Share Index (ASI) was up 39.21 points to settle at 40,868.36 points compared to the previous 40,829.15 points of the day.
Likewise, the market capitalization of the stock exchange appreciated by 21 billion naira as it closed at 21,296 billion naira against 21,275 billion naira at the close on Thursday.
Business post reports that the banking index closed up 1.20 percent, while the insurance space rose 0.05 percent as the industrial goods sector closed flat.
But the energy meter fell 0.12%, while the consumer goods index depreciated 0.03% at the day’s trading close.
A total of 23 stocks closed on the winner’s table on Friday, while 17 stocks finished on the losers chart, indicating positive market width and investor sentiment.
University Press was the best performing stock with price appreciation 9.72% to close at N 1.58, Sovereign Trust Insurance gained 9.09% to trade at 24 kobo, Caverton rose 6 , 33 percent to N 1.68, NPF Microfinance Bank rose 5.26 percent to N 1.80, while Regency Alliance gained 5.26 percent to trade at 40 kobo.
On the other hand, Academy Press was the worst performing stock as its value fell 7.69% to 36 kobo, Africa Prudential lost 6.06% to settle at N 6.20, Honeywell Flour fell 3.78 percent to 3.56 N., Jaiz Bank fell 3.33 percent to 58 kobo, while Mutual Benefits Assurance depreciated 3.23 percent to 30 kobo.
The level of activity suffered a significant drop yesterday as trading volume fell 59.24 percent to 331.1 million units from 812.3 million units in the previous session, the value Transactions fell 72.40 percent to N2.9 billion from N10.6 billion, while the number of transactions declined 18.03 percent to 3,986 transactions from 4,863 transactions.
A breakdown showed investors bought and sold 154.7 million shares of FBN Holdings valued at 1.5 billion on the market on Friday, while 17.3 million shares of GTCO valued at 495, 2 million naira exchanged hands.
In addition, Fidelity Bank traded 13.8 million shares worth N35.9 million, Transcorp sold 12.5 million shares worth N12.1 million, while Ecobank traded 11.6 million shares worth 72.0 million naira.