Nigerian stocks gain N17 billion, but decline in trade volume throws gloom


Nigerian stocks rose 0.08% on Friday, as the value of shares rose by N16.9 billion, supported by investors’ greater willingness to own stocks than to sell them.

But the growing decline in the amount of shares traded still casts doubt on the market’s ability to return to pre-pandemic levels, a period particularly marked by a much larger inflow of dollars from foreign investors and a volume of trading. more important exchanges.

Friday’s trade size plunged nearly in half, but gains at Union Bank, which on Thursday was acquired by the unknown Titan Trust Bank, Vitafoam and the cement manufacturer WAPCO, helped to direct the increase.

Union Bank has now topped the winner’s charts for two consecutive days since the announcement, as traders scramble for its shares to rise.

The trade ended with the market scale, often used by market watchers to determine the depth of investor sentiment to trade and the possible direction of the trade will then switch, closing on a negative note as 13 losers were registered against 12 winners.

The benchmark index edged up 32.37 points to 42,262.85 index points, while the market capitalization fell to 22.07 trillion naira.

Since the start of the year, the index is up 4.95 percent.

TOP FIVE SLEEVERS

Union Bank led the winners, appreciating 9.90 percent to N5.55. Consolidated Hallmark jumped 9.38 percent to 0.70 N.

Sovereign Trust added 8.33 percent to close the trade at 0.26 N. PZ rose 7.20% to N6.70. Vitafoam rose to N22.50, up 4.41%.

ALSO READ: Nigerian Shares Head To Second Day Of Stable Trading With N3.2 Billion Loss

TOP FIVE LOSERS

Cornerstone Insurance fell 9.80 percent to close at 0.46 N. UPDC lost 3.39 percent to close trade at 1.14 N. Jaiz fell to 0.62 N, losing 3, 12%.

Japaul fell to 0.37 N, recording a depreciation of 2.63%. UPDC REIT closed at N4, down 2.44.

THE FIVE BEST PROFESSIONS

A total of 111.8 million shares estimated at N911.9 million were traded in 2,072 transactions.

Transcorp was the most active stock with 11.5 million of its shares worth 11.4 million naira traded in 52 deals. Union Bank saw 9.9 million units of its shares, priced at N54.7 million, trade hands in 96 transactions.

Access Bank had 9 million shares valued at 88.2 million naira traded in 118 transactions. Sovereign Trust traded 9 million shares valued at 2.3 million naira in 12 transactions. Sterling Bank traded 7.1 million shares valued at N10.4 million in 51 transactions.

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