Nigerian stocks add N172 billion hit five-week peak

Nigerian stocks Nigerian stocks upped by 0.77 or N171.7 billion on Tuesday, an auspicious start for trade in the new year, even though there are still concerns around the chronically depressed levels of trade volume, which crumbled by more than half compared to that of Friday

By the agency of gains recorded by BUA Cement and lenders Zenith Bank and Stanbic IBTC Bank, the market value of stocks touched its ascent in five weeks.

Aiding gains, the Industrial Goods Index jumped 2.95 per cent, which placed him ahead of the four other sector indexes tracked by the bourse.

On the flip side, market breadth closed on a negative note as 26 losers were reported compared to 18 advancers.

“We expect the market to open the year on a mild bearish note as investors take profits off the table,” analysts at brokerage United Capital said in their outlook note for this week seen by PREMIUM TIMES.

“That said, we expect the January buying interest to resume in no distant time as investors begin to position for FY-2021 dividend announcements,” they added.

The benchmark index scaled up by 330.34 basis points to 43,046.78, while market capitalisation climbed to N22.5 trillion at the end of trade.

The index has appreciated by 0.77 year to date. TOP FIVE GAINERS

Academy led gainers, growing by 10 per cent to close at N0.55. Wema Bank gained 9.72 per cent to close at N0.79. Cornerstone rose by 8.70 per cent to N0.50. Neimeth leapt to N1.89, up by 8 per cent in the process. BUA Cement completed the top 5, climbing up by 7.31 per cent to N71.95. TOP FIVE LOSERS

Vitafoam topped the losers’ table, declining by 10 per cent to close at N20.25. NNFM shrank by 10 per cent to end at N7.20. Ardova tumbled to N11.70, losing 10 per cent. Chams dipped to N0.20, recording 9.09 per cent loss. Sunu Assurance closed at N0.41, going down by 8.89 per cent. TOP FIVE TRADES

A total of 216.7 million shares worth N1.5 billion were traded in 4,080 deals.Chams was the most preferred stock with 29.9 million of its shares worth N6.1 million traded in 31 deals. Wema had 17.1 million shares priced at N13.3 million exchanged hands in 60 transactions. Zenith had 11 million shares valued at N278.2 million traded in 321 deals. Transcorp traded 10.8 million shares estimated at N10.5 million in 106 transactions. Sovereign Trust traded 10.5 million shares […]

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