Driven by increased activity, the rebound followed a 41 per cent improvement in transaction volume
Nigerian stocks Friday halted the short but vigorous slide recorded in the preceding trading session, pushing the main equity index up 0.7 per cent.
Year-to-date yield remains in the red though singularly because of the big blow to equities on Thursday after some profit-taking that took the shine off the three daily gains reported earlier in the week.
Reasonably driven by increased activity, the rebound followed a 41 per cent improvement in transaction volume.
Airtel Africa – the stock that led the reversal of the previous session with support from bank stocks – led the charge this time around, also backed by bank stocks.
Investment bank Meristem Securities, in its annual outlook for 2023 issued on Friday, envisions Nigerian stocks will return much less this year compared to 2022, forecasting a 10.5 per cent.
Market breadth, a gauge of investors’ sentiments to trade, was negative with 18 losers recorded compared to 16 advancers.
The all-share index was up by 353.8 basis points at 51,222.3. Similarly, market capitalisation advanced to N27.9 trillion.
The index is down by 0.1 per cent since the year started.
TOP FIVE GAINERS
NPF Microfinance grew by 9.6 per cent to N1.72. Neimeth gained 8.4 per cent to close at N1.6. Eterna rose by 5.6 per cent to N7.2. NGX Group leapt to N25.4, notching up 5.4 per cent in the process. Wapic completed the top 5, climbing up by 4.9 per cent to N0.43.
TOP FIVE LOSERS
PZ declined 9.11 per cent to N11. Consolidated Hallmark fell to N0.60, losing 7.7 per cent. ETI dipped to N0.28, recording 6.7 per cent loss. Champion Breweries closed at N4.64, going down by 5.3 per cent. Academy shrank by 5.3 per cent to end the day at N1.25.
READ ALSO: Nigerian stocks fall, wipe out early year gains
TOP FIVE TRADES
A total of 195.7 million shares worth N7.4 billion were traded in 3,650 deals.
FBN Holdings was the most preferred stock trading 41.9 million shares worth N466.5 million in 133 deals. BUA Cement had 30.2 million units of its shares priced at N2.9 billion exchange hands in 60 transactions. UBA had 17.3 million shares valued at N140.2 million traded in 167 deals. Access Holdings traded 13.7 million shares estimated at N123.1 million in 154 transactions while GTCO traded 10.2 million shares valued at N244 million in 257 deals.
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