Nigerian stocks sustain rally, driven by bank shares’ gains


Nigerian stocks recorded a further advance Thursday as a relentless demand for bank shares particularly those of FBN Holdings drove the performance of the broad index, helping it advance by 0.16 per cent.

Also helping gains at individual stock level were palm fruit processors Presco and Okomu Oil.

The bourse posted a positive breadth as 24 gainers emerged against 20 laggards.

“We expect the positive performance to be sustained by bargain hunting and increased positioning ahead of the Q3 earnings season,” analysts at broker United Capital said of trading for the rest of the week in a note seen by PREMIUM TIMES.

The all-share index climbed 63.95 points to 40,829.15, while market capitalisation increased to N21.3 trillion.


UPL led advancers, appreciating by 9.92 per cent to N1.44. Presco climbed up by 5.92 per cent to N85.

Chams added up 4.76 per cent to end trade at N0.22. Universal Insurance advanced by 4.76 per cent to N0.22. UPDC rose to N1.99, notching up 3.65 per cent.


BOC Gases topped the losers’ chart, declining by 9.87 per cent to close at N10.50. Caverton went down by 9.71 per cent to end today’s trade at N1.58.

Mansard fell to N2.36, losing 5.22 per cent. Courtville slumped to N0.39, recording 4.88 per cent slip. Sovereign Trust closed at N0.22, going down by 4.35 per cent.


In all, 812.3 million shares valued at N10.6 billion were traded in 4,863 deals.

FBN Holdings was the most active stock, with 132 million of its shares worth N1.3 billion traded in 875 deals. Fidelity saw 20.6 million units of its shares priced at N53.6 million exchanged hands in 158 transactions.

Wema traded 15.2 million shares valued at N11.3 million in 101 deals. ETI traded 15 million shares estimated at N88.9 million in 103 transactions. Transcorp transacted 13.8 million shares valued at N13 million in 90 deals.

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