Stocks Soar by 1.38%, 37 Gainers Emerge

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  • Stocks Soar by 1.38%, 37 Gainers Emerge

The country’s equities market appreciated by 1.38 per cent at the close of trading on the floor of the Nigerian Stock Exchange on Wednesday, as 37 stocks recorded gains.

This development overturned the losses recorded in the week so far, and consequently settled the year-to-date return at 25.02 per cent. There were 22 losers.

A total of 759.046 million shares valued at N6.295bn exchanged hands in 7,357 deals.

The NSE capitalisation soared to N11.618tn from N11.46tn, while the All-Share Index settled at 33,598.20 basis points from 33,141.85 basis points.

May & Baker Nigeria Plc topped the gainers’ list for the second day in a row, advancing by 10.20 per cent, to close at a year high of N3.78, and settle the year-to-date return at 302.13 per cent.

Ashaka Cement Plc, Unilever Nigeria Plc, Unity Bank Plc and Skye Bank Plc followed, appreciating by 10.18 per cent, 10 per cent, 8.86 per cent and 8.62 per cent, accordingly.

However, International Breweries Plc slid by 4.80 per cent, thus topping the losers’ chart, to close at N28.56. This was trailed by Cutix Plc, 7UP Bottling Company Plc, PZ Cussons Nigeria Plc and Sterling Bank Plc, which depreciated by 4.62 per cent, 4.44 per cent, four per cent and 3.60 per cent, respectively.

All the NSE Indices recorded appreciations in the order of banking, insurance, oil/gas, food/beverage and industrial goods, which appreciated by 2.92 per cent, 1.55 per cent, 1.28 per cent, 1.03 per cent and 0.83 per cent, accordingly.

Commenting on Wednesday trading results, analysts at Meristem Securities Limited, in an email post, said, “After a slight hiccup in the first two trading days of the week, the Nigerian equities market recorded a positive performance as bullish activities were witnessed on most large-cap tickers.

“We however note that there were still profit taking activities on some counters that had gained in the market’s recent rally.”

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

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