Nigerian stocks climb higher in broad-based advance

Nigerian stocks climb higher in broad-based advance

Nigerian stocks Nigerian stocks extended gains on Friday as the benchmark index rose 0.15 per cent, helping to sustain the positive momentum in the market ahead of the earnings season due to start any moment soon.

Equities in Africa’s largest economy hit their peak level since September 2008 on Thursday, another milestone recorded by the exchange at a time its hierarchy is striving to lure investors from home and abroad.

But investors will want to regard the new advance with cautious optimism given that the rise of Nigerian stocks to their highest point in 13 years owed more to the cumulative value that new companies listing on the exchange have added to the entire equity capitalisation, than to the gains stocks have recorded over the period.

Oil drilling giant Seplat drove Friday’s climb, with support from Nigerian Breweries, Vitafoam, Transcorp and Courteville.

Market breadth was positive, with 21 advancers emerging against 14 losers. The rest 65 stocks participating in Friday trading session closed flat.

The all-share index jumped by 66.83 points to 45,957.35 points, while market capitalisation appreciated to N24.8 trillion.

Year to date, the index is up 7.59 per cent. TOP FIVE GAINERS

NNFM led gainers, appreciating by 9.72 per cent to close at N7.90. Courteville added 9.52 per cent to end trade at N0.46. Vitafoam advanced 5.46 per cent to N22.20.

FTN Cocoa rose to N0.39, notching up 5.41 per cent in the process. Seplat completed the top 5, climbing up by 4.86 per cent to N755.10. TOP FIVE LOSERS

Regal Insurance topped losers, depreciating by 4.55 per cent to close at N0.42. Sovereign Trust shed 4 per cent to end today’s trade at N0.24. Sunu Assurances fell to N0.31, losing 3.12 per cent. ALSO READ: Nigerian stocks add N417 billion on investors’ rush for top telco, energy stocks

Honeywell Flour slumped to N3.20, recording 3.03 per cent depreciation. Custodian Investment closed at N7.05, going down by 2.76 per cent. TOP FIVE TRADES In all, 281.6 million shares valued at N2.4 billion were traded today in 3,739 deals.Transcorp was the most active stock, trading 35.7 million shares worth N38.1 million traded in 118 deals. Courteville’s 31.8 million shares priced at N14.4 million exchanged hands in 85 transactions. Sovereign Trust had 26.4 million shares valued at N6.1 million traded in 42 deals.Access Bank traded 22.2 million shares estimated at N216.8 million in 191 transactions. FBN Holdings traded 18.4 million shares valued at N220.2 […]

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