Nigerian stocks gain N247 billion on renewed interest in bank shares


Nigerian stocks were up by 1.18 per cent or N246.8 billion on Tuesday as an increasing interest in equities, particularly in bank shares helped to extend the bull run to the fourth straight day.

That also marked the first time the Nigerian bourse would swing to a positive year-to-date return in the more than a six-month period since February 17. The milestone rested on the strong performances of individual stocks such as FBN Holdings, Airtel Africa, Access, GTCO UBA and Zenith.

Trade volume improved by 114 per cent when compared with the quantity of shares that exchanged hands at the previous session.

Market breadth, an indicator of the level of investors’ sentiment towards trade, trade was positive, with 32 gainers reported relative to 18 laggards.

The benchmark index rose 473.61 points to 40,716.66, while market capitalisation advanced to N21.2 trillion.

Between January and now, the index has returned 1.11 per cent.


FBN Holdings appreciated by 9.76 per cent to close at N9. Pharma Deko enlarged by 9.69 per cent to end trade at N2.83. Courteville went up by 7.89 per cent to N0.41. Learn Africa rose to N1.55, notching up 7.64 per cent in the process. Jaiz completed the top 5, climbing by 7.02 per cent to N0.61.


UPL led losers, declining by 9.63 per cent to close at N1.22. Regal Insurance shed 8.89 per cent to end today’s trade at N0.41. International Breweries fell to N4.50, losing 6.25 per cent. PZ slumped to N5.45, recording 5.22 per cent depreciation. Consolidated Breweries closed at N0.59, going down by 4.84 per cent.


In all, 433 million shares estimated at N3.1 billion were traded in 4,371 deals.

Universal Insurance was the most active stock with 105.1 million of its stocks worth N21.2 million traded in 55 deals. FBN Holdings shares of 46.3 million units, priced at N411.2 million, exchanged hands in 336 transactions. Access had 30.7 million shares valued at N286.7 million traded in 292 deals. GTCO traded 25.7 million shares estimated at N721.4 million in 245 transactions. Courteville traded 22.4 million shares valued at N9.2 million in 56 deals.

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