Nigerian Equities Hit Seven-Month High With N471bn Gain
Equities have been on the uptrend for five consecutive trading sessions as the Nigerian stock market experienced the highest gain in more than seven months, realizing a net capital gain of N471 billion.
The trading which took place Wednesday on the floor of the Nigerian Stock Exchange (NSE) reached an average gain of 3.54 per cent, which stands as the highest gain realised since May 28, 2019.
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All Share Index (ASI) crossed the 28,000 mark as its market index opened at 27,586.93 points to close at 28,562.48 points index.
The total market value of quoted companies appreciated from N13.316 trillion to close at N13.787 trillion.
Banking Index appreciated by 3.87%, while Insurance Index appreciated by 2.72 per cent.
The NSE Consumer Goods Index rose by 0.36 per cent while Oil and Gas Index climbed by 0.17 per cent.
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At the end of the trade, there were 37 gainers against 11 losers as Dangote Cement tops the gainers chart with N14 gain to close at N164.
Presco ended second with gain of N3.85 to close at N52, as Okomu Oil Palm followed suit with N3.50 to close at N60.
Stanbic IBTC Holdings rose by N2.50 to close at N42.50 and Julius Berger Nigeria gained N1.95 to close at N21.85 while MTN Nigeria made N1.90 to close at N109.50 per share.
On the losers side, Total Nigeria led the table with a loss of N3.90 to close at N107.
Unilever Nigeria followed with a loss of 40 kobo to close at N19.60, while UAC of Nigeria shares dropped by 20 kobo to close at N9.05, as UACN Property Development Company fell by 8.0 kobo to close at N1 per share.
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Banking stocks dominated the activities chart with United Bank for Africa (UBA) ending as the most active stock with 156.01 million shares worth N1.40 billion.
Zenith Bank followed with 86.06 million shares worth N1.89 billion, with Access Bank ending third with 82.44 million shares worth N963.67 million while FBN Holdings recorded a turnover of 69.4 million shares worth N524.56 million in the trading session.
Meanwhile, Bloomberg reporter, Paul Wallace tweeted an index from the NSE on Thursday, saying: “Nigeria’s stocks are up another 3.2% today, despite oil prices falling back to $65.50/barrel as Middle Eastern tensions ease. That suggests this rally is very much down to bond yields collapsing.”
