Oil, Industrial Sectors Lead N91bn Market Appreciation

Nigerian stock market
  • Oil, Industrial Sectors Lead N91bn Market Appreciation

The country’s oil/gas and industrial sectors emerged as the top two gainers at the close of trading on the floor of the Nigerian Stock Exchange on Thursday after equities appreciated by N91bn.

The NSE oil/gas index recorded the highest gain of 2.82 per cent, followed by the NSE industrial index, which appreciated by 2.04 per cent.

On the gainers’ category also were the NSE banking and NSE insurance indices, which rose by 0.85 per cent and 0.16 per cent, accordingly.

The NSE food/beverage index slid by 0.01 per cent, being the only index to record a decline.

A total of 288.858 million shares valued at N3.82bn were traded in 3,631 deals.

The NSE market capitalisation rose to N11.458tn from N11.367tn, as the All-Share Index closed at 33,246.91 basis points from 32,981.63 basis points.

The Nigerian equities market recorded a gain for the fourth consecutive day this week, advancing by 0.80 per cent, to settle the year-to-date return at 23.71 per cent. There were 33 gainers and 19 losers.

Mobil Oil Nigeria Plc topped the gainers’ list, advancing by 9.49 per cent, to close at N259.

Forte Oil Plc, Custodian and Allied Plc, Cadbury Nigeria Plc and Guinness Nigeria Plc followed on the gainers’ table, appreciating by seven per cent, five per cent, five per cent and five per cent, respectively.

However, Champion Breweries Plc topped the losers’ chart, falling by seven per cent to close at N2.39.

First Aluminium Nigeria Plc, NCR Nigeria Plc, BOC Gasses Nigeria Plc and Linkage Assurance Plc followed on the losers’ table, depreciating by five per cent, 4.93 per cent, 4.85 per cent and 4.76 per cent, accordingly.

Commenting on the performance of the market, analysts at Meristem Securities Limited, in the firm’s daily post, said, “We posit that the day’s gain was as a result of positive sentiments towards some banking and oil/gas stocks, as well as the 0.90 per cent share price appreciation of Dangote Cement Plc.

“Following the trend of activities this week, we expect the market to close positive week-on-week. We, however, do not rule out profit taking activities on some counters that have rallied in the week.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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