By Dipo Olowookere
The local stock market grew 1.71% on Friday as investors showed buying interest in Airtel Africa, GTCO, Wema Bank and other stocks.
Traders have been observed to pounce on these and other stocks in hopes that their prices will rise in the coming weeks.
This was reflected in the significant increase in the level of activity yesterday, with trading volume, value and number of trades surging by 64.71%, 242.43% and 4.34% respectively.
As of market close, investors traded 190.1 million shares worth N4.1 billion in 3,893 trades, compared to 115.4 million shares worth N1.2 billion of naira traded Thursday in 3,731 transactions.
Caverton was the busiest stock during the session as it traded 47.5 million shares worth N64.6 million, GTCO traded 14.8 million shares of worth N310.0 million, UBA sold 14.7 million shares for N109.4 million, Transcorp exchanged 13.1 million shares for N16. 0.3 million, while Access Holdings traded 10.8 million shares for 99.3 million naira.
According to the analysis of trade data, the insurance, consumer goods, banking and energy sectors closed in green territory after rising by 0.51%, 0.33%, respectively. 0.10% and 0.06%, while the industrial goods counter lost 1.87 percent.
Despite the positive result, market breadth and investor sentiment were weak as the stock market ended the session with 20 winners and 22 losers.
At the top of the decliner table was Fidson as its price fell 9.95% to settle at NPF 9.41, NPF Microfinance Bank also fell 9.95% to trade at N8.60 , Linkage Assurance depreciated 8.62% to 53 Kobo, Courteville fell 7.84% to 47 Kobo, while Honeywell Flour fell 7.41% to trade at N2.75.
Conversely, the duo Wema Bank and Airtel Africa appreciated by 10.00% each to close at N3.74 and N1905.40 respectively. UPDC improved 8.62% to N1.26, Champion Breweries rose 8.45% to N3.85, while Prestige Assurance gained 7.89% to end at 41 Kobo.
At the close of trading, the All-Share Index (ASI) rose by 876.11 points to 52,215.12 points from 51,339.01 points, while the market capitalization increased by 473 billion naira to 28,158 billion naira against 27.685 billion naira.