The Nigerian Exchange (NGX) Limited appears to be on the fast track, ready to crush any stray bears who try to slow it down.
On Friday, the bourse gained 1.65% as bargain-hunting continued due to renewed interest in domestic equities by both domestic and foreign investors.
The All-Share Index (ASI) increased by 1,020.99 points to 63,040.87 points from 62,019.88 points, while market capitalisation increased by N556 billion to N34.326 trillion from N33.770 trillion.
On the last trading day of the week, the insurance sector gained 4.89 percent, the banking industry gained 3.33 percent, the industrial goods sector gained 1.81 percent, the energy sector gained 1.06 percent, and the consumer goods index gained 0.32 percent.
What you should Know (NGX)
Yesterday, investors bought and sold 1.2 billion shares worth N13.9 billion in 10,393 transactions, compared to 5.4 billion shares worth N95.0 billion in 9,948 transactions on Thursday, indicating a 4.47 percent increase in the number of transactions and a 77.77 percent and 85.39 percent decrease in trading volume and value, respectively.
FBN Holdings exchanged 131.8 million units worth N2.7 billion on Friday, followed by Wema Bank, which exchanged 131.0 million units worth N644.9 million. FCMB traded 111.4 million shares worth N738.3 million, Universal Insurance traded 101.5 million shares worth N27.4 million, and UBA traded 98.2 million shares worth N1.4 billion.
Omatek, FTN Cocoa, Afromedia, and Presco all gained 10% yesterday to close at 55 Kobo, N3.19, 22 Kobo, and N220.00, respectively, and Fidelity Bank gained 9.98% to N8.93.
On the other hand, Multiverse fell 9.87 percent to N3.38, RT Briscoe fell 9.59 percent to N66, Courteville fell 8.22 percent to 67 Kobo, Coronation Insurance fell 7.58 percent to 61 Kobo, and Champion Breweries fell 3.16 percent to N4.60.
At the close of trading, the market breadth index was positive, with 66 price gainers and 13 price losers, indicating strong investor sentiment.
