Nigerian Stocks Extend Rally as Investors Trade 1.8b Shares

By Modupe Gbadeyanka

Investors’ confidence in the nation’s capital market is gradually returning and this was reflected in the activities on the floor of the Nigerian Stock Exchange (NSE) today.

The stock market appreciated by 0.19 percent on Friday to extend the gains to the second trading session.

The volume of equities transacted by investors broadly increased today with 1.8 billion shares worth N6.3 billion exchanged hands at the close of business on Friday.

This is in contrast to a total of 217.8 million shares traded by investors on Thursday for N11.7 billion in 3,088 deals.

The positive momentum was extended to the market breadth, which closed positive today with 14 price losers and 26 price gainers.

At the close of business on Friday, Unilever, which had an additional 1.96 billion of its ordinary shares listed on the stock exchange, emerged the biggest price gainer. The stock added N1.40k to its share value to settle at N37.50k per share.

It was followed by PZ Cussons, which rose by N1.7k to close at N22.49k per share, and Nestle, which increased by N1.3k to finish at N1251.3k per share.

Nigerian Breweries gained 65k to end at N138.80k per share, while FBN Holding improved by 28k to expand to N6.90k per share.

On the flip side, Beta Glass depreciated by N2.70 to close at N51.31k per share, while Okomu Oil went down by N1.99k to finish at N66.1k per share.

UAC of Nigeria shed N1.70k to end at N17.20k per share, Cadbury Nigeria lost 53k to finish at N11.25k per share, and Access Bank fell by 16k to close at N9.70k per share.

Sovereign Trust Insurance was investors’ toast today, selling 1.6 billion shares worth N787.5 million.

Zenith Bank traded 71.8 million shares valued N1.7 billion, while Diamond Bank sold 54.2 million shares for N59.7 million.

AIICO exchanged 27.5 million shares worth N15 million, and GTBank traded 13.3 million shares at N573.2 million.

Business Post reports that the All-Share Index (ASI) close today at 36,703.58 points, while the market capitalisation settled at N12.8 trillion.