Nigerian Stocks Extend Rally as Investors Rush AIICO Plc Shares

By Modupe Gbadeyanka

Activities on the floor of the Nigerian Stock Exchange (NSE) finished strong again on Thursday after the market reversed Tuesday’s bearish trend on Wednesday.

This comes a day after the Dow broke above 20,000 as US stocks hit all-time highs.

The all-share index close at 26,289.95 points after rising by 49.50 points or 0.19 percent, while the market capitalisation ended at N9.05 trillion after improving by N17 billion.

A total of 24 stocks appreciated on the floor of the NSE today compared with the 19 equities that went down.

Forte Oil topped the gainers’ chart with a gain of N6.68k to finish at N71.88k per share, while 7up added 90k to end at N102.30k per share.

Also, GTBank rose by 61k to close at N24.50k per share, Cadbury progressed by 44k to end at N9.44k per share and NASCON went up 39k to finish at N8.23k per share.

At the other end, Mobil shed N13.78k to lead the losers’ table closing at N265.22k per share and Nestle fell by N10 to finish at N740 per share.

In the same vein, MRS lost N4.21k to end at N39.3k per share, Guinness flopped by N3.50k to finish at N66.55k per share and Total slumped by N2 to close at N285 per share.

At the close of trading on the NSE, investors staked N1.2 billion on 146.5 million shares executed in 3,013 deals.

Business Post reports that investors were attracted to the shares of AIICO Plc as they exchanged 30 million units at N18 million, while Access Bank traded 15 million shares valued at N104.9 million, and First Bank sold 12.4 million units worth N43.9 million.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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