NGX rebounded on Friday as investors gained N30bn amid SEC Capital Requirement drive.
NewsOnline Nigeria reports that the Nigerian Exchange (NGX) rebounded on Friday, with investors recording a combined gain of about N30 billion following the Securities and Exchange Commission’s (SEC) announcement of higher minimum capital requirements for capital market operators.
The bullish sentiment on the bourse was driven by gains in stocks such as Red Star Express, NCR Nigeria and SCOA, which lifted overall market performance.
As a result, market capitalisation increased by N30 billion, rising from N106.323 trillion at the opening of trade to N106.353 trillion at the close of the session.
ALSO: NDLEA Nabs Wanted Drug Lord “Kanmo-kanmo” After 12 Years, Ends Manhunt Over Killing of Officers
Similarly, the All-Share Index (ASI) advanced by 0.04 per cent, or 72.21 points, to close at 166,129.50, compared with 166,057.29 recorded on Thursday.
Market breadth ended on a positive note, with 43 gainers against 26 losers, reflecting improved investor sentiment.
Red Star Express topped the gainers’ chart after appreciating by 10 per cent to close at N13.20 per share. NCR Nigeria followed with a 9.97 per cent rise to N128.55, while SCOA gained 9.96 per cent to settle at N14.90.
Omatek Ventures climbed by 9.94 per cent to N1.77, while Deap Capital Management added 9.85 per cent to close at N4.46 per share.
On the downside, McNicholas led the losers with an 8.81 per cent drop to N6. Legend Internet declined by 7.56 per cent to N5.50, while Cornerstone Insurance fell by 6.48 per cent to N6.35.
Cileasing shed 6.29 per cent to close at N8.20, while Austinlaz lost 5.78 per cent to settle at N3.75 per share.
Trading activity weakened during the session, as both volume and value traded declined. A total of 539.9 million shares worth N16.7 billion were exchanged in 48,023 deals, compared with 1.03 billion shares valued at N31.6 billion traded in 51,227 transactions on Thursday.
Zenith Bank recorded the highest trading activity, with 54.55 million shares valued at N3.79 billion, accounting for 10.10 per cent of total market volume and 22.68 per cent of total value traded.
Recall that the SEC on Friday announced new minimum capital thresholds for all capital market operators, setting June 30, 2027, as the deadline for compliance.
