Bulls Return as Nigerian Stocks Tick Up, Index Hits 45,092.83

By Dipo Olowookere

The local bourse closed higher on Friday after it suffered a marginal loss of 0.08 percent the previous day, indicating the huge confidence investors still have in the Nigerian capital market.

After the brake the market applied yesterday, many investors remained upbeat that the market would pick up immediately and today, the stock market resumed its rally, closing 0.54 percent higher at the close of business.

It was observed that the tier two banks continued their upward movements as investors quickly buy up shares in the sector, patiently awaiting the 2017 full year figures of the lenders, which are expected to be released from early next month.

At the close of trading activities on the floor of the Nigerian Stock Exchange (NSE), the Financial Services sector led the activity chart with one billion shares transacted for N6.3 billion, while the Conglomerates industry followed with 207 million equities worth 531 million exchanged by investors.

However, the volume and value of shares traded on Friday depreciated by 0.38 percent and 19.56 percent respectively.

A total of 1.3 billion shares worth N8.6 billion were bought and sold by investors today compared with the 1.4 billion shares transacted yesterday worth N10.7 billion.

Transcorp remained the toast of investors at the market, trading a total of 205.9 million shares worth N514.9 million.

Diamond Bank traded 193.2 million shares valued at N671.2 million, while Skye Bank sold 110 million equities for N136.4 million.

Furthermore, FCMB exchanged 102.5 million shares valued at N351.7 million, while Wema Bank transacted 84.9 million equities for N95.2 million.

Business Post reports that the All-Share Index (ASI) increased today by 244.09 points to settle at 45,092.83 points, while the market capitalisation appreciated by N87 billion to finish at N16.2 trillion, and the year-to-date gain expanded to 17.91 percent.

On the price movement chart, GTBank led the gainers’ table after appreciating by N2.60k to close at N54.71k per share.

Unilever gained N2 to close at N47 per share, while International Breweries rose by N1 to settle at N63 per share.

Stanbic IBTC increased by 99k to finish at N46 per share, while Zenith Bank advanced by 70k to end the day at N33 per share.

At the other side, FBN Holdings topped the losers’ log after going down by 85k to close at N13.90k per share.

It was followed by Cadbury Nigeria, which depreciated by 79k to settle at N15.6k per share, and Dangote Sugar, which fell by 75k to finish at N20 per share.

Dangote Flour lost 73k today to close at N14.97k per share, while NASCON declined by 48k to settle at N19 per share.