Nigerian stocks add 517.8 billion naira as telecoms generate gains
Nigerian stocks accelerated further on Thursday in one of the market's biggest daily gains in months, with the main equity index rising more than 2% or 517.8 billion naira.
Revenue increased by 154% compared to the previous session.
The rise was mainly driven by greater buying interest in the shares of two telecom giants – MTN Nigeria and Airtel Africa, even though trading volume was almost a third lower.
Trading has been broadly bullish this week despite an upward adjustment to the benchmark interest rate by the Central Bank of Nigeria, a stance that sometimes drives stock values down.
A total of 18 stocks rose against 8 losers, meaning the trade closed with positive market breadth.
The all-stock index rose 949.4 basis points to 47,554.3 as the market capitalization climbed to 25.9 trillion naira.
Year-to-date, the index has risen 11.3%.
TOP FIVE WINNERSRed Star Express was the most profitable stock, appreciating 9.7% to N2.3. Regency Alliance rose 8.7% to 0.25 naira.
Livestock rose to 1.06 naira, up 8.2%. Prestige added 7.5% to close the deal at N0.43. Airtel completed the top 5, climbing 7.4% to N1,450.
TOP FIVE LOSERS
Capital Hotel was the worst performing stock, falling 10% to close at 3.06 Naira. Nestlé lost 10% to close at N963.9.
ALSO READ: Nigerian stocks close flat as inflation rises for ninth consecutive monthInternational Breweries fell to 4.30 naira, losing 2.3%. The GTCO fell to N20, registering a depreciation of 1.5%. Wema Bank closed at 3.07 naira, down 0.97%.
TOP 5 PROFESSIONSA total of 99 million shares valued at N5.5 billion were traded in 2,780 transactions.
FCMB was the most active stock with 16.8 million units of its shares worth N54.8 million traded in 42 trades. MTN Nigeria shares numbering 16.4 million and priced at N3.3 billion were traded in 150 transactions.
Fidelity Bank had 7.5 million shares worth N30.9 million traded in 65 transactions. Zenith Bank traded 6.4 million shares valued at N139.4 million in 210 transactions. Access Bank traded 5.8 million shares worth N49.7 million in 106 transactions.
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Nigerian stocks accelerated further on Thursday in one of the market's biggest daily gains in months, with the main equity index rising more than 2% or 517.8 billion naira.
Revenue increased by 154% compared to the previous session.
The rise was mainly driven by greater buying interest in the shares of two telecom giants – MTN Nigeria and Airtel Africa, even though trading volume was almost a third lower.
Trading has been broadly bullish this week despite an upward adjustment to the benchmark interest rate by the Central Bank of Nigeria, a stance that sometimes drives stock values down.
A total of 18 stocks rose against 8 losers, meaning the trade closed with positive market breadth.
The all-stock index rose 949.4 basis points to 47,554.3 as the market capitalization climbed to 25.9 trillion naira.
Year-to-date, the index has risen 11.3%.
TOP FIVE WINNERSRed Star Express was the most profitable stock, appreciating 9.7% to N2.3. Regency Alliance rose 8.7% to 0.25 naira.
Livestock rose to 1.06 naira, up 8.2%. Prestige added 7.5% to close the deal at N0.43. Airtel completed the top 5, climbing 7.4% to N1,450.
TOP FIVE LOSERS
Capital Hotel was the worst performing stock, falling 10% to close at 3.06 Naira. Nestlé lost 10% to close at N963.9.
ALSO READ: Nigerian stocks close flat as inflation rises for ninth consecutive monthInternational Breweries fell to 4.30 naira, losing 2.3%. The GTCO fell to N20, registering a depreciation of 1.5%. Wema Bank closed at 3.07 naira, down 0.97%.
TOP 5 PROFESSIONSA total of 99 million shares valued at N5.5 billion were traded in 2,780 transactions.
FCMB was the most active stock with 16.8 million units of its shares worth N54.8 million traded in 42 trades. MTN Nigeria shares numbering 16.4 million and priced at N3.3 billion were traded in 150 transactions.
Fidelity Bank had 7.5 million shares worth N30.9 million traded in 65 transactions. Zenith Bank traded 6.4 million shares valued at N139.4 million in 210 transactions. Access Bank traded 5.8 million shares worth N49.7 million in 106 transactions.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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