Stocks Gain N330bn as Dividend Hunters Return to Market

By Dipo Olowookere

Nigerian stocks appreciated by 1.67 per cent on Thursday, which was the first trading session after the two-day public holiday to celebrate Sallah.

Investors returned to the market with renewed vigour and the declaration of an interim dividend of N4 by Total Nigeria was the trigger dividend hunters needed to spur bargain hunting.

At the close of transactions, the energy stock led the gainers’ chart of 22 members after its equity price rose by 10.00 per cent to settle at N184.80.

Cutix appreciated by 9.77 per cent to finish at N4.38, Oando gained 9.73 per cent to sell at N3.61, Dangote Cement improved by 7.83 per cent to N248.00, while Courtville jumped by 4.55 per cent to 23 kobo.

On the flip side, there were only a dozen equities on the losers’ chart with AIICO in charge after its value went down by 8.70 per cent to end at N1.05.

Sovereign Trust Insurance decreased by 6.45 per cent to 29 kobo, Veritas Kapital depreciated by 4.00 per cent to 24 kobo, Livestock Feeds lost 3.55 per cent to trade at N1.90, while Ardova declined by 3.23 per cent to N15.00.

Yesterday, investors traded 203.1 million shares worth N1.7 billion in 3,969 deals as against the 462.8 million shares worth N1.2 billion transacted in 3,610 deals on Monday, indicating that the trading volume dropped 56.11 per cent, while the trading value and the number of deals appreciated by 43.75 per cent and 9.94 per cent respectively.

At the close of business, Sterling Bank was the most active stock with 22.5 million units valued at N33.8 million, while United Capital followed with 16.9 million units valued at N115.1 million.

Fidelity Bank transacted 14.1 million shares worth N33.7 million, Wema Bank traded 14.0 million equities valued at N12.2 million, while GTCO traded 13.3 million stocks for N392.1 million.

During the session, Business Post observed that the industrial goods and energy sectors were the best performers, appreciated by 4.01 per cent and 3.11 per cent respectively.

Also, the banking and consumer goods counters appreciated by 0.31 per cent and 0.07 per cent respectively, while the insurance index depreciated by 1.88 per cent.

When trading activities were closed for the day, the All-Share Index (ASI) 632.87 points to 38,585.52 points from 37,952.65 points, while the market capitalisation increased by N330 billion to N20.104 trillion from N19.774 trillion.