By Udeme Ekwere

Trading activities on the Nigerian Stock Exchange witnessed a trend reversal on Friday, as transactions closed positive to end the eight- day- downward trend.

The market capitalisation of the listed equities rose by N96bn or 1.4 per cent from N6.813tn on Thursday to N6.909tn.

Similarly, the NSE’s All-Share Index increased by 299.43 basis points or 1.4 per cent to close at 21,598.98, from 21,299.55 points the previous day.

The NSE-30 Index rose by 1.9 per cent or 18.39 points, from 946.22 points to close at 964.61 points.

This, according to analysts, was as a result of increased activities and high demand for stocks in the banking sub-sector. Among the other indices in the market, the banking index recorded the highest appreciation, rising by 11.88 basis points or 3.9 per cent from 304.35 to 316.23 points.

The NSE Food/Beverages Index, however, fell by 1.1 per cent or 8.39 per cent to close at 731.73 basis points, while the insurance index rose by 1.1 per cent or 1.61 points to close at 147.23 points.

The banking sub-sector maintained its lead on the activity chart, with investors exchanging 125.42 million shares, worth N901m in 2,715 transactions. Activities in the banking sub-sector accounted for 45 per cent of total turnover.

Volume in the sub-sector was driven by trading in the shares of Access Bank Plc, Guaranty Trust Bank Plc and Zenith Bank Plc.

A total of 12 banking stocks recorded price appreciation on Friday.

Diamond Bank Plc recorded the highest price appreciation, rising by five per cent or 20 kobo to close at N4.20 per share.

Access Bank;Okomu Oil Palm Plc; GTBank; and Eterna Oil and Gas Plc gained 4.9 per cent each to close at N5.91, N18.37, N13.33 and N4.46 per share respectively.

On the other hand, Nigerian Aviation Handling Company Plc lost the highest, shedding five per cent or 35 kobo to close at N6.65 per share.

Neimeth International Pharmaceutical Plc lost five per cent or seven kobo to close at N1.33 per share.

Dangote Flour Mills Plc, John Holt Plc and Dangote Sugar Refinery Plc also shed 4.9 per cent each to close at N9.13, N6.51 and N10.21 per share respectively.

In all, investors staked N1.52bn on 278.84 million shares, in 4,794 deals, compared to 243.61 million shares, worth N1.317bn traded the previous day, in 5,698 transactions.

Source: Punch