Nigerian stocks N29 billion rally puts it on track to reach new high

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Nigerian stocks staged a swift recovery on Friday in a departure from the loss recorded at the preceding trading session after pushing higher by 0.17 per cent or N29 billion, with big lenders FBN Holdings and Access Bank leading the charge.

At 42,014.50 points, the benchmark index is only steps away from the highest point ever reached this year, which the local bourse attained on February 1.

Heavyweight wireless operators MTN Nigeria and Airtel won approval-in-principle from banking industry watchdog the Central Bank of Nigeria to start payment service bank after over two years of consideration, a momentous milestone that could reshape banking business in Africa’s largest economy and give many commercial banks a run for their money.

Trade ended with a positive market breadth as the number of gainers stood at 25 higher than that of losers, which was 13.

Market capitalisation rose to N21.925 trillion. The index has advanced by 4.33 per cent since the turn of the year.

TOP FIVE GAINERS

Wema Bank led gainers, appreciating by 10 per cent to close at N0.88. Consolidated Hallmark lifted by 9.26 per cent to end trade at N0.59. Royal Exchange went up by 8.33 per cent to N0.52. Mutual Benefits rose to N0.27, notching up 8 per cent in the process. Japaul completed the top 5, climbing by 7.89 per cent to N0.41.

TOP FIVE LOSERS

Unilever led losers, declining by 6.32 per cent to close at N13.35. Universal Insurance shed 4.55 per cent to end today’s trade at N0.21. NGX Group fell to N17.75, losing 4.31 per cent. NPF Microfinance Bank slumped to N1.88, recording 3.59 per cent depreciation. Linkage Assurance closed at N0.55, going down by 3.51 per cent.

ALSO READ: Nigerian stocks reverse gains after retreat across sectors

TOP FIVE TRADES

Altogether, with 277 million shares worth N2.4 billion were traded in 3,524 deals.

Sterling Bank was the most active stock with 83.6 million of its stock worth N125.5 million traded in 53 deals. FBN Holdings traded 52.6 million units priced at N575.5 million in 269 transactions. Access had 21.5 million shares valued at N203.5 million exchange hands in 174 deals. Transcorp traded 15.6 million shares estimated at N16.1 million in 104 transactions. Stanbic traded 13.6 million shares valued at N530.9 million in 98 deals.

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