Nigerian stocks were up 0.16 per cent on Friday after losses in the previous two trading sessions, but that was not sufficient to avert a negative return of 0.31 per cent for the week.
The rally leaned principally on modest appreciation in industrial goods shares leading Transcorp, Presco, MTNN and Oando at individual stock equity.
Tony Elumelu-backed Transcorp contributed 41 per cent of the entire volume, which stood at 387.2 million.
On Friday, Transcorp laid bare to the Nigerian government in Abuja a masterstroke plan to develop an alternative power solution in the country using nuclear source, the first of such initiative to be seen in Africa’s largest economy. The company’s stock jumped to the top of the gainers’ chart in Lagos and recorded the largest number of deals of the day following the news.
But that itself has been a concern for months on head as size of trade is yet to regain its pre-pandemic, with smart money from foreign investors still elusive to a market so much starved by liquidity that several mind-blowing corporate result thronging the bourse since the start of July have been incapable of swinging the market back to positive year-to-date return.
Market breadth was negative with 20 gainers emerged against 26 losers.
The all-share index was down by 62.26 basis points to 38,547.08 points, while market capitalisation slipped to N20.084 trillion.
The index has weakened by 4.28 per cent so far this year.
TOP FIVE GAINERS
Transcorp led gainers, appreciating by 9.68 per cent to close at N1.02. Ikeja Hotel climbed up by 9.24 per cent to N1.30. NAHCO added 6.09 per cent to end close at N2.44. Oando advanced by 5 per cent to N1.68. Livestock rose to N4.89, notching up 2.95 per cent in the process.
TOP FIVE LOSERS
Learn Africa topped the losers’ chart, declining by 10 per cent to close at N1.35. Ardova shed 9.44 per cent to end today’s trade at N16.30. Sovereign Trust Insurance fell to N0.89, losing 8.25 per cent. Sunu Assurance slumped to N8.16, recording 0.45 per cent depreciation. Livestock Feeds closed at N2.15, going down by 6.93 per cent.
TOP FIVE TRADES
A total of 387.2 million shares valued at N3.8 billion were traded in 4,700 deals.
Transcorp was the most active stock with 159.6 million of its shares worth N159.8 million traded in 374 deals. Ellah Lakes’s shares numbering 26.625 million and priced at N113.155 million exchanged hands in 5 transactions. Oando had 21.601 million shares valued at N104.695 million traded in 349 deals. GTCO traded 17.841 million shares estimated at N508.754 million in 379 transactions. Courteville traded 14.543 million shares valued at N3.565 million in 39 deals.
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