Impressive earnings releases, interest in blue-chip firms lift Nigerian stocks past N20 trillion mark

Impressive earnings releases, interest in blue-chip firms lift Nigerian stocks past N20 trillion mark

Nigerian stocks strengthened by N329 billion on Thursday, leaping 1.67 per cent to touch a high last seen barely one month ago on June 18, with market capitalisation crossing N20 trillion.

Impressive earnings releases by cable-maker Cutix on Monday and TotalEnergies on Thursday have been accompanied by dividend declarations from both firms, with the former even announcing an extra reward of one-for-one bonus for shareholders.

That development stirred an explosive demand for the companies’ shares, causing the two to top the gainers’ chart and helping the overall gain.

The uptrend similarly derived strength from appreciation in the shares of Dangote Cement, United Capital and Vitafoam.

There emerged 22 gainers and 12 losers, causing the market breath, which measures investor sentiments, to close on a positive note.

The all-share index rose by 632.87 basis points to close at 38,585.52 basis points, while market capitalisation to N20.104 trillion.

Year to date, the index is down by 4.18 per cent.

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Total led gainers, appreciating by 10 per cent to close at N184.80. Sterling grew by 9.77 per cent to end trade at N4.38. Guinness went up by 9.73 per cent to N3.61. Dangote Cement rose to N248, notching up 7.83 per cent in the process. Courteville climbed up by 4.55 per cent to N0.23.


AIICO topped the losers’ chart declining by 8.70 per cent to N1.05. Sovereign Trust shed 6.45 per cent to end trade at N0.29. Veritas Kapital fell to N0.24, losing 4 per cent in the process. Livestock dipped to N1.90, recording 3.55 per cent depreciation. Ardova closed at N15, going down by 3.23 per cent.


Altogether, 203.111 million shares estimated at N1.724 billion were traded in 3,969 deals.

Sterling was the most active stock trading 22.487 million shares worth N33.803 million traded in 91 deals. UCAP’s shares of 16.901 million units priced at N115.108 million exchanged hands in 262 transactions.

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Fidelity had 14.062 million shares valued at N33.688 million traded in 100 deals. Wema traded 13.960 million shares estimated at N12.244 million in 105 transactions. GTCO traded 13.301 million shares valued at N392.122 million in 315 deals.


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