By Dipo Olowookere
The main performance indicators of the Nigerian Exchange (NGX) Limited rose another 0.47% on Thursday as investors jostled for shares of MTN Nigeria, FBN Holdings, Oando and others.
As for Oando, some traders opted for the company’s shares after the board issued a statement that the court granted a request to buy out the interests held by minority shareholders, although the price of this transaction has not been fixed.
For those who think this might be an opportunity to get a piece of the pie, they pounced on the energy stock, driving its value up 3.51% as of the close of business despite its poor performance during of the 2019 financial year.
Business post observed that negative investor sentiment returned to the market yesterday as there were 22 price losers and 18 price gainers led by FBN Holdings with price appreciation of 9.78% to close at N10.10.
FTN Cocoa rose 9.38% to 35 kobos, Consolidated Hallmark Insurance improved 8.06% to 67 kobos, Livestock Feeds gained 6.94% to sell at N1.54, while Union Bank s is appreciated by 6.19% at N6.00.
On the other hand, the duo of Academy Press and Ellah Lakes were the biggest losers as they depreciated by 10.00% each to settle at N1.17 and N3.96 respectively. . Presco lost 9.84% to N165.00, eTranzact also fell 9.84% to N2.20, while Meyer lost 9.68% to trade at N2.52.
During the session, the consumer goods sector was down 0.34%, but the insurance, energy, banking and industrial goods sector meters rose 0.73%, 0, 53%, 0.15% and 0.01%.
Consequently, the All-Share Index (ASI) closed up 241.52 points at 51,618.73 points from 51,377.21 points, while the market capitalization increased by 130 billion naira to 27,828 billion naira against 27,698 billion naira.
Trading volume, value and number of trades fell 2.67%, 10.57% and 11.20% respectively on Thursday as investors traded 223.3 million shares from a worth 2.9 billion naira in 4,028 trades against 229.4 million shares worth 3.2 billion naira were traded in 4,536 trades on Wednesday.
Mutual Benefits Assurance was the most traded stock during the session as it sold 40.1 million units worth N10.0 million, Oando traded 28.5 million units worth N168.9 million, FCMB traded 24.5 million units for N85.6 million, Access Holdings traded N24.1 million. million units worth N229.0 million, while FBN Holdings traded 12.4 million units worth N121.8 million.