Nigerian stocks extend gain on demand for financial services stocks

Nigerian stocks extend gain on demand for financial services stocks

Nigerian stocks strengthened by 0.05 per cent on Monday, extending an advance that began on Wednesday as financial services stocks including FBN Holdings, UCAP and Mansard led the climb.

Trade volume tumbled by 28 per cent just as turnover fell by nearly three-fifths.

Trade ended with a positive breadth as 23 gainers emerged, compared with 14 laggards.

“This week, we expect some profit taking on the bourse amid last week’s rally,” broker United Capital said in a note seen by PREMIUM TIMES.

The all-share index gained 21.88 points to 40,243.05, while the market capitalisation fell to N20.97 trillion.

Year to date, the index is down by 0.07 per cent.


Mansard appreciated by 9.87 per cent to N2.56. Pharma Deko added 9.79 per cent to end trade at N2.58. UPL went up by 9.76 per cent to N1.35. Consolidated Hallmark rose to N0.62, notching up 8.77 per cent. Eterna completed the top 5, climbing by 8.57 per cent to N7.60.


Morison declined by 10 per cent to close at N1.89. NNFM shed 9.94 per cent to end trade at N7.70. Veritas fell to N0.21, losing 8.70 per cent. Cornerstone slumped to N0.53, recording 8.62 per cent depreciation. Jaiz Bank closed at N0.57, going down by 5 per cent.


Altogether, 202.4 million shares estimated at N1.9 billion were traded today in 4,066 deals.

Fidelity was the most active stock with 19 million of its shares worth N46.8 million traded in 169 deals. GTCO saw 18.3 million units of its shares, which were priced at N512.4 million exchange hands in 311 transactions. FBN Holdings had 18.1 million shares valued at N147.9 million traded in 200 deals. Universal Insurance traded 15.5 million shares estimated at N3.2 million in 14 transactions. Champion Breweries traded 14.2 million shares valued at N29.1 million in 10 deals.


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