Nigerian stocks surge to six-week high, gain N382 billion

Nigerian stocks surge to six-week high, gain N382 billion

Nigerian stocks made a resounding rebound on Wednesday, climbing 1.89 per cent in its biggest performance in many days, which saw equities generally appreciate by N382 billion.

The benchmark index touched its peak since August 19, drawing support from investors’ vast demand for the shares of FBN Holdings, Nestle and Dangote Cement.

“In the final trading session for the week, we anticipate an extension of this positive momentum as investors snap up bargains ahead of the weekend”, analysts at broker Afrinvest said of Thursday’s trade.

Market breadth, often used to measure investors’ attitude towards trade, closed in the positive after 23 advancers were reported compared to 15 advancers.

The all-share index lifted by 733.30 points to 39,592.29, while market capitalisation scaled up to N20.63 trillion.

The index is down by 1.68 per cent year to date.

TOP FIVE GAINERS

NNFM led gainers, appreciating by 6.88 per cent to close at N8.55. FBN Holdings grew by 6.62 per cent to end trade at N8.05. Dangote Cement went up 6.53 per cent to N261. Nestle rose to N1,489, notching up 6.36 per cent in the process. Courteville traded up 6.06 per cent to N0.35.

TOP FIVE LOSERS

Mansard topped the losers’ chart, declining by 10 per cent to close at N2.43. Julius Berger shed 10 per cent to end today’s trade at N24.30. Vanleer fell to N5.45, losing 9.92 per cent in the process. Sovereign Trust slumped to N0.22, recording 8.33 per cent depreciation. Consolidated Hallmark closed at N0.53, going down by 7.02 per cent.

TOP FIVE TRADES

Altogether, 474.4 million shares estimated at N4 billion were traded in 3,547 deals.

FBN Holdings was the most active stock with 264.7 million of its shares worth N2.1 billion traded in 264 deals. Universal Insurance traded 76.7 million shares priced at N15.3 million in 17 transactions. Mansard had 13.1 million shares valued at N31.8 million exchange hands in 141 deals. Zenith traded 12.1 million shares estimated at N283.3 million in 298 transactions. Fidelity traded 11.2 million shares valued at N27.5 million in 96 deals.

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