Nigerian stocks rise further on gains by big-cap shares

1 month ago 23

The all-share index jumped 528.15 basis points to 42,411.12, while market capitalisation leapt to N22.14 trillion.

Nigerian stocks climbed higher on Monday as the benchmark index added 1.26 per cent, with MTN Nigeria and Dangote Cement steering the rise.

The advance drew support from ETI and NGX Group, while Meyer, which topped PREMIUM TIMES stock recommendation for the week, turned out to be the most profitable stock of the day, up by 9.09 per cent.

Market breadth, an indicator of investor sentiment towards trade, was positive as 23 advancers were reported relative to 13 laggards.

“We expect to see resumption of profit-taking activities, particularly on stocks that rebounded significantly, as we note that bullish sentiments dominated the bourse last week in what we consider a dead cat bounce,” analysts at broker and investment bank United Bank said in a note seen by PREMIUM TIMES.

The all-share index jumped 528.15 basis points to 42,411.12, while market capitalisation leapt to N22.14 trillion.

Year to date, the index is up 5.32 per cent.


Meyer led gainers, appreciating by 9.09 per cent to close at N0.36. Academy Press grew by 8.51 per cent to end trade at N0.51. FTN Cocoa went up by 8.11 per cent to N0.40. GSK rose to N6.05, notching up 7.08 per cent in the process. MTNN completed the top 5, climbing up by 7.05 per cent to N186.80.


Nascon declined by 6.79 per cent to close at N13.05. Cornerstone fell to N0.47, losing 6 per cent in the process. Wapic dipped to N0.48, recording 5.88 per cent depreciation. Oando shed 4.26 per cent to end trade at N4.72. Champion Breweries closed at N2.60, going down by 4.06 per cent.


A total of 229.6 million shares estimated at N3.3 billion were traded in 4,426 deals.

Unity Bank traded 48.3 million shares worth N20.4 million in 139 deals. Universal Insurance shares of 21.1 million units, priced at N4.2 million, exchanged hands in 7 transactions. FBN Holdings had 19.9 million shares valued at N235.2 million traded in 204 deals. UPDCREIT traded 16.9 million shares estimated at N75.8 million in 39 transactions. GTCO traded 12.8 million shares valued at N336.8 million in 339 deals.

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