Nigerian Stocks Gain N319.6 Billion as Investors Chase Large-Cap Stocks

Nigerian stocks on Wednesday saw one of their biggest daily gains in weeks on the extension of their fresh rally, lifting the benchmark by 1.25 percent or N319.6 billion. But a nearly halving drop in turnover and a 4 percent contraction in transaction volume capped what would have been an impressive performance. Investor exuberance over gauges including Airtel Africa, Seplat, Nigerian Breweries and Dangote Cement lifted the main stock index, which advanced for the seventh straight trade. The index is now at its highest point in more than thirteen years and seven months. oil trader Eternal Oilin which privately held Rainoil took a majority stake (61 percent) in November, appreciated most of the 116 shares that participated in Wednesday’s trading as stock activity intensified, and announced the day before that it would launch a compulsory public offer to acquire at a premium price 1.3 million shares from its shareholders at N13.50 per unit. The stock, which had not seen any price movement since the beginning of the month, was up 10 percent at N5.50. The breadth of the market, a sign of investor sentiment towards the trade, was positive as 28 gainers were recorded compared to 21 laggards. The all-stock index jumped 592.85 basis points to 48,138.71, while the market capitalization rose to N26 trillion. So far this year, the index is up 12.7 percent. TOP FIVE WINNERS Eterna led appreciated by 10 percent to close at N5.50. Japaul Gold rose 10 percent to N0.33. Guinness rose to N82.85, scoring 9.96 per cent in the process. Meyer added 9.66 percent to end the trade at N1.93. Wapic Insurance rounded out the top 5, rising 9.42 percent to N0.46. TOP FIVE LOSERS Union Tag was the worst performing stock, falling 9.60 per cent to close at N8.95. CWG lost 9.28 percent to close at N0.88. John Holt fell to N0.71, losing 8.97 percent. Regal Insurance slipped to N0.32, posting a depreciation of 8.57 percent. Sunu Assurance closed at N0.33, down 8.33 percent. THE FIVE MAIN OPERATIONS In total, 349.6 million shares estimated at 3.7 billion naira were traded in 4,587 trades. Universal Insurance was the most active stock with 73 million units of its shares worth N14.6 million traded in 2 deals. Zenith Bank traded 23.7 million shares at a price of N571.5 million in 404 transactions. Fidelity Bank had 20.7 million shares valued at N80 million traded in 213 deals. UBA traded 20.1 million shares estimated at N160.5 million in 165 transactions. Mutual Benefits traded 16.4 million shares valued at N3.9 million in 25 deals. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Nigerian Stocks Gain N319.6 Billion as Investors Chase Large-Cap Stocks