Nigerian stocks found resilience Thursday after yielding a little ground at the Wednesday session as the benchmark index jumped 0.85 per cent, setting equities on course for another week of positive return.
Oil company Oando led the comeback on the back of the exuberance in the investing community that followed the disclosure that it would hold first annual general meeting since 2019 when capital market watchdog Securities and Exchange Commission barred it from doing so.
Helping gains, industrial powerhouse Dangote Cement, which recently completed another round of share buyback, surged to N4.7 trillion in value.
But that was still inadequate to reclaim the glory it lost to Airtel Africa, which displaced it to become Nigeria’s most capitalised company at N4.8 trillion valuation a couple of days back.
“This week, we expect the market to maintain its bullish momentum as investors continue to take positions in anticipation of the forthcoming end-of-year releases,” United Capital said in its outlook note for this week.
Market breadth, which gauges investors’ sentiment towards trade, closed in the positive as 23 advancers were recorded in contrast to 19 decliners.
The all-share index climbed 399.14 basis points to 47,329.80, while market capitalisation scaled up to N25.5 trillion.
Nigerians stocks are up by 10.8 per cent so far this year.
TOP FIVE GAINERS
Oando topped the gainers’ chart, appreciating by 10 per cent to close at N10. Academy added 9.73 per cent to end trade at N1.24. SCOA advanced by 9.62 per cent to N1.14.
Lasaco rose to N1.08, notching up 8 per cent. RT Briscoe completed the top 5, climbing up by 7.69 to N0.28.
TOP FIVE LOSERS
Pharma-Deko led laggards, declining by 10 to close at N1.98. Champion Breweries shed 8.70 per cent to end trade at N2.10.
Ikeja Hotel fell to N1.33, losing 6.99 per cent. Unity Bank slumped to N0.51, recording 3.77 per cent depreciation. Unity Bank closed at N0.26, going down by 3.70 per cent.
TOP FIVE TRADES
A total of 346.7 million shares valued at N3.8 billion were traded in 4,952 deals.
Fidelity Bank was the most active stock with 55.9 million units of its shares worth N160.3 million exchanging hands in 228 deals.
FBN Holdings traded 28 million shares priced at N318 million in 158 transactions. GTCO had 21.3 million shares valued at N585 million traded in 261 deals.
Transcorp traded 20.4 million shares estimated at N23.1 million in 121 transactions. oANDO traded 18.4 million shares valued at N92.5 million in 359 deals.