Nigerian stocks stretched gains by N80 billion or 0.61 per cent on Friday, building on the tenuous rally reported at the previous session, even though the losses seen so far this week outweigh gains.
Against analysts’ expectations, equities have bucked macroeconomic trends for two days now to close in the positive territory. The announcement by the statistics office on Thursday put the inflation figure for March at 18.17 per cent, the highest in more than four years.
The advance derived strength from high buy orders on the shares of Guinness, Dangote Cement and MTNN, with investors’ renewed interest in the telco coming after the Ministry of Communications and Digital Economy decision to remove the freeze on SIM card sales in Africa’s biggest economy.
Also helping gains, the industrial goods index took the top spot in the pecking order of performance of the five sectorial indices tracked by the Nigerian Exchange Limited, jumping 1.19 per cent
There were 21 gainers and 12 losers, causing the market to close with a positive breadth
The all-share index rose by 236.12 points to close at 38,801.01 basis points, while market capitalisation to N20.310 trillion.
Year to date, the index is down by 3.63 per cent.
TOP FIVE GAINERS
Chams led gainers, appreciating by 10 per cent to close at N0.22. Sterling grew by 9.72 per cent to end trade at N0.79.
Guinness went up by 9.26 per cent to N31.85. NNFM rose to N5.35, notching up 9.18 per cent in the process. PZ climbed up by 8.43 per cent to N4.50.
TOP FIVE LOSERS
Japaul topped the losers’ chart declining by 10 per cent to close at N0.63. Sterling shed 9.76 per cent to end today’s trade at N1.48.
FCMB fell to N2.66, losing 8.90 per cent in the process. Mutual Benefits dipped to N0.34, recording 8.11 per cent depreciation. Access closed at N7.60, going down by 6.17 per cent.
TOP FIVE TRADES
Altogether, 262.510 million shares estimated at N2.438 billion were traded in 3,525 deals.
Fidelity was the most active stock trading 46.152 million shares worth N110.562 million traded in 179 deals.
FBN Holdings’s shares of 33.985 million units priced at N258.398 million exchanged hands in 209 transactions. GTB had 33.465 million shares valued at N965.283 million traded in 237 deals.
Mutual Benefits traded 20.451 million shares estimated at N7.049 million in 31 transactions. Mansard traded 20.451 million shares valued at N7.049 million in 424 deals.
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