Nigerian stocks rebound with N51 billion gain

1 month ago 44
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Market breadth, which measures investor sentiment towards trade, was positive as 21 advancers reported against 19 losers.

Nigerian stocks inched up 0.2 per cent or N50.7 billion on Friday, almost completely wiping out the loss recorded at the preceding session, a broad-based advance aided by gains from food and beverages, banking and industrial goods sectors’ shares.

International Breweries, United Bank for Africa and Dangote Cement led the climb, with the benchmark index improving 1.1 per cent week on week.

Market breadth, which measures investor sentiment towards trade, was positive as 21 advancers reported against 19 losers.

“We believe there is some room for near-term rebound in subsequent trading sessions, we retain a month-long bearish perspective on the equities market as sideways trading with bearish bias dominate investors’ activities in the market,” analysts at investment bank and broker United Capital said in a Thursday note seen by PREMIUM TIMES.

The all-share index expanded 83.01 basis points to 42,353.31, while market capitalisation rose to N22.11 trillion.

From the start of the year till now, the index has gained 5.17 per cent.


Pharma Deko appreciated by 10 per cent to close at N2.20. Royal Exchange enlarged by 9.52 per cent to end trade at N0.69. Mutual Benefits went up by 8.33 per cent to N0.26. Regal Insurance rose to N0.41, notching up 7.89 per cent in the process. Wapic completed the top 5, climbing by 6.25 per cent to N0.51.

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Champion Breweries led losers, declining by 10 per cent to close at N2.34. Honeywell Flour shed 7.61 per cent to end trade at N3.40. Academy fell to N0.48, losing 5.88 per cent. Courtville slumped to N0.36, recording 5.26 per cent depreciation. Union Bank closed at N4.60, going down by 5.16 per cent.


In all, 341.7 million shares estimated at N3.5 billion were traded in 3,059 deals.

International Breweries was the most active stock with 83.7 million of its shares worth N409.4 million traded in 29 deals. UACN shares of 62.8 million units, priced at N600.9 million, exchanged hands in 29 transactions. FBN Holdings had 32.4 million shares valued at N397.9 million traded in 156 deals. Access Bank traded 29.2 million shares estimated at N275 million in 166 transactions. Zenith traded 21.9 million shares valued at N550.8 million in 245 deals.

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