Trading on the floor of the Nigerian Exchange Ltd (NGX) closed on a bullish note on Friday as market capitalisation surged to ₦30.327 trillion while investors gained ₦88 billion.
The All Share Index (ASI) rose by 161.63 absolute points, representing a gain of 0.29% to close at 55,670.24 points.
Reacting to market performance, the chief operating office of InvestData Consulting Limited, Mr Ambrose Omordion, said the market has been bullish right from the beginning of the year.
He stated that the market was only reacting to financial performance and dividend declared by companies.
He said: “The corporate full year earnings and dividend declarations from Ucap, African Prudential, Nascon, Dangote Sugar, Transcorp Hotel and others are expected to support the prevailing strong momentum in the equity space.
Already, many companies have notified investors of approvals of their 2022 audited results, and the recommendation of dividends for the period. These results should hit the market any moment from now”.
Gainers And Losers
As measured by market breadth, market sentiment was negative, as 25 stocks lost relative to 17 gainers. SUNU Assurance recorded the highest price gain of 10% to close at 44 kobo, per share.
Dangote Sugar Refinery followed with a gain of 9.94% to close at ₦19.35, while McNichols up by 9.72% to close at 79 kobo, per share.
Geregu Power rose by 9.02% to close at ₦325.00, while NASCON Allied Industries appreciated by 8.93% to close at ₦12.20, per share.
On the other hand, Sovereign Trust Insurance led the losers’ chart by 10% to close at 27 kobo, per share.
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Academy Press followed with a decline of 9.38% to close at ₦1.16, while Transnational Corporation (Transcorp) shed 7.97% to close at ₦1.27, per share.
Chams Holding Company lost 7.14% to close at 26 kobo, while Nigerian Exchange Group shed 6.55% to close at ₦27.10, per share.
The total volume traded declined by 63.6% to 206.110 million units, valued at ₦3.260 billion, and exchanged in 4,385 deals.
Transactions in the shares of Transcorp topped the activity chart with 29.746 million shares valued at ₦39.150 billion.
Access Holdings followed with 18.645 million shares worth ₦172.316 million, while UAC of Nigeria (UACN) traded 14.021 million shares valued at ₦118.345 million.
Guaranty Trust Holding Company (GTCO) traded 13.056 million shares valued at ₦348.628 million, while Zenith Bank transacted 9.276 million shares worth ₦244.605 million.
