Nigerian Stock Market Gains N164b As Mobil Grows By N30.13k

By Modupe Gbadeyanka

Mobil Plc continued its strong performance at the Nigerian Stock Exchange (NSE) on Friday, gaining N30.13k to lead the gainers’ table and closing at N324.13k per share at the end of trading activities at the market.

Business Post observed that since the Chairman/Managing Director of Mobil Oil Nigeria, Mr Adetunji Oyebanji, notified the NSE that it has received notification from NIPCO to acquire 60 percent shares of ExxonMobil in Mobil Oil Nigeria at N301 million, shares of Mobil have experienced price rise at the market.

Other gainers today on the floor of the NSE were Nestle, which rose by N9.94k to close at N820 per share; Forte Oil, which went up by N6.6k to finish at N65.26k per share; Dangote Cement, which jumped by N6 to end at N160 per share; and GTBank, which chalked up 69k to close N23.49k per share.

Also, the bullish run on the floor of the NSE continued its third day upbeat to close in green on increasing investors’ confidence.

The capital market in Nigeria recorded a huge gain of N164 billion on Friday to close N8.855 trillion, while the all-share index improved by 475.75 points or 1.88 percent to end at 25,740.83 points.

Union DICON led the losers’ chart today after it dropped 82k to close at N15.67k, while Flour Mill lost 29k to finish at N19.20k per share.

Similarly, CCNN fell by 21k to close at N4.5k per share, Dangote Sugar declined by 15k to finish at N5.80k per share and Champion Breweries depreciated by 11k to end at N2.34k per share.

Twenty-four stocks appreciated in price at the stock market on Friday, while 13 equities depreciated and five remained unchanged.

Also, investors staked N1.348 billion on 577 million shares, which were exchanged in 2,258 deals.

Wema Bank was investors’ delight at the market, accounting for 417 million units sold at N234 million, while Diamond Bank exchanged 45 million shares worth N42 million.