Financial Stocks Lead N72b Nigerian Market Gain

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) closed 0.56 percent higher on Wednesday to leave the year-to-date return at 37.26 percent.

Business Post reports that at the close of midweek trade, the Financial Services sector led the activity chart with 212.322 million shares exchanged for N2.392 billion, while the Consumer Goods came next with 15.986 million shares traded for N1.031 billion.

FBN Holdings transacted the highest number of shares, exchanging 40 million units worth N255 million.

It was followed by Sterling Bank, which traded 32 million shares valued at N32 million, and Diamond Bank moved 26 million shares for N26.3 million.

Stanbic Bank traded 20 million shares at N850.5 million, while Fidelity Bank exchanged 19.8 million for N30.4 million.

At the close of business on Wednesday, a total of 249.4 million shares valued at N5.2 billion were exchanged in 4,119 deals, in contrast to 259 million shares worth N3 billion traded by investors in 4,503 deals yesterday.

The All-Share Index (ASI) today appreciated by 206.91 points to settle at 36,887.20 points, while the market capitalisation improved by N71.6 billion to N12.8 trillion.

The market breadth closed positive on Wednesday with 23 stocks appreciating in value compared with 21 equities, which depressed.

Mobil led the gainers’ chart with an addition of N6 to its share price to settle at N161 per share, and was trailed by Dangote Cement, which increased by N3.50k to finish at N227.50k per share.

Presco rose by N3.32k to close at N69.82k per share, International Breweries appreciated by N1.1k to end at N50 per share, while Flour Mills of Nigeria progressed by 61k to end at N32.11k per share.

On the flip side, Nestle emerged the day’s biggest loser, shedding N2 of its share value to close at N1250 per share.

It was followed by Stanbic IBTC, which fell by N1.14k to finish at N42.50k per share, and NASCON, which slumped by 65k to end at N15.55k per share.

PZ Cussons declined by 39k to settle at N22.61k per share, while Cadbury also went down by 39k to close at N10.11k per share.