Stocks Gain 37.32% Year-to-date

Nigerian stock market
  • Stocks Gain 37.32% Year-to-date

From the beginning of 2017 to date, the Nigerian equities market has appreciated by 37.32 per cent.

The bourse closed up for the second day running as the Nigerian Stock Exchange All-Share Index advanced by 0.50 per cent, bringing the year-to-date return to 37.32 per cent.

Thirty-two stocks appreciated at the close of trading on the Exchange’s floor on Wednesday, while 19 counters declined.

Equities market capitalisation rose to N12.720tn from N12.655tn, while the ASI closed at 36,905.06 basis points from 36,720.62 basis points.

A total of 251.013 million shares valued at N3.777tn exchanged hands in 4,047 deals.

C & I Leasing Plc outperformed other stocks to close at N0.88, after appreciating by 10 per cent.

It was trailed by Lafarge Africa Plc, Guinness Nigeria Plc, Skye Bank Plc and Jaiz Bank Plc, which appreciated by five per cent, 4.99 per cent, 4.62 per cent and 4.35 per cent, respectively.

On the other hand, Okomu Oil Palm Plc depreciated by five per cent, leading the decliners. It was closely followed by Continental Reinsurance Plc, Mobil Oil Plc, Nigerian Aviation Handling Company Plc and Red Star Express Plc, which declined by 4.93 per cent, 4.88 per cent, 4.81 per cent and 4.78 per cent, accordingly.

The sector performance as measured by NSE sector indices showed that at the end of trades on Wednesday, only the NSE insurance and NSE oil/gas indices declined, as they fell by 0.49 per cent and 2.43 per cent, respectively.

However, the NSE banking, NSE food/beverages and NSE industry indices advanced by 0.49 per cent, 1.63 per cent and 1.93 per cent, accordingly.

“The equities market closed in the green zone on the back of the gains recorded by some bellwether stocks. We expect the market’s performance for the week to be largely dictated by investor sentiments towards market heavyweights,” analysts at Meristem Securities said.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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