Nigerian stocks rally on the back of bank shares’ gains

Nigerian stocks rally on the back of bank shares’ gains

Nigerian stocks Nigerian stocks rose 0.58 per cent on Tuesday to reverse the loss reported the session before as bank stocks led by Ecobank Transnational Incorporated, GTCO and Access Bank as well as Dangote Sugar.

Investors’ stronger risk appetite means trade volume scaled up by 10 per cent.

BUA Foods was honoured with a closing gong ceremony at the Nigerian Exchange Limited in commemoration of its listing by introduction on the main board after merging its five food units.

Market breadth , an indicator of investors’ attitude towards trade, closed on a positive note, with 27 gainers recorded compared to 13 laggards.

“We expect the market to sustain its bullish momentum as investors continue to position themselves ahead of the dividend season amidst profit-taking activities off high-performing stocks,” said analysts at brokerage firm United Capital.

The all-share index enlarged by 256.23 points to 44,655.89, while market capitalisation dipped to N24.1 trillion.

The index has risen by 4.54 per cent so far this year. TOP FIVE GAINERS

SAHCO led gainers, appreciating by 10 per cent to close at N5.83. Courteville rose to N0.38, notching up 8.57 per cent in the process. FTN Cocoa added 0.39 per cent to end the trade at N8.33. Dangote Sugar went up by 7.35 per cent to N18.25. Berger Paints completed the top 5, climbing by 5.84 per cent to N8.15. ALSO READ: Nigerian stocks slide after sell pressure on Dangote Cement, GTCO


NEM was the worst performing stock, declining by 9.33 per cent to close at N3.63. Sunu Assurances dropped to N0.32, recording 5.88 per cent depreciation. Regal Insurance shed 4.26 per cent to close at N0.45. Sovereign Trust fell to N0.24, losing 4 per cent. Wapic closed at N0.49, going down by 3.92 per cent. TOP FIVE TRADES

In all, 235.2 million shares estimated at N1.9 billion were traded in 4,151 deals.Transcorp was the most active stock trading 38.1 million shares worth N40.1 million traded in 174 deals. GTCO had 18.7 million units of its shares priced at N476.5 million exchange hands in 491 transactions. Jaiz Bank traded 15 million shares estimated at N9.8 million in 76 transactions. ETI had 14.5 million shares valued at N126.3 million traded in 57 deals. FBN Holdings traded 13.4 million shares valued at N161.1 million in 103 deals.

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