Nigerian stocks saw an appreciation of N330.5 billion or 1.1 per cent on Thursday, advancing for the second straight day, as investors bucked the recent interest rate adjustment.
The decision of the Central Bank of Nigeria on Tuesday would ordinarily have caused a considerable outflow of cash from equities to fixed-income securities, but investors have clearly committed more fund to shares.
As on Wednesday when Airtel Africa hit over N6 trillion valuation days after regaining the top spot as Nigeria’s biggest company by market valuation, gain hinged on the telecom sector via the Performance of MTN Nigeria, drawing support from GTCO and FBN Holdings.
Rush for FBN Holdings’ shares came after its newly issued audited financials report for 2021 showed revenue jumped 28.2 per cent to N757.3 billion and net profit by 68.4 per cent even though the board proposed a lower dividend.
Analysts at investment firm United Capital said they “anticipate continued market interest in the domestic equities space despite ongoing profit-taking” in their outlook note to investors seen by PREMIUM TIMES.
Market breadth, often used by market watchers to measure the level of investors’ sentiment to trade, was positive as 26 advancers emerged compared to 12 losers.
The all-share index was up by 559.9 basis points at 53,151.3. Similarly, market capitalisation advanced to N28.7 trillion
The index has added 24.4 per cent since the year started.
TOP FIVE GAINERS
Industrial and Medical Gas grew by 10 per cent to N11. Champion Breweries gained 9.94 per cent to close at N3.76. Linkage Assurance rose by 9.09 per cent to N0.60.
Mansard leapt to N1.46, notching up 7.35 per cent in the process. WAPCO completed the top 5, climbing up by 6.23 per cent to N28.15.
TOP FIVE LOSERS
NPF Microfinance Bank declined 9.90 per cent to N1.82. UACN fell to N11.65, losing 9.69 per cent. Academy Press dipped to N1.32, recording a 9.59 per cent loss.
Learn Africa closed at N2.05, going down by 8.89 per cent. Royal Exchange shrank by 5.26 per cent to end the day at N1.08.
TOP FIVE TRADES
A total of 266.2 million shares worth N5.1 billion were traded in 5,501 deals.
Transcorp was the most preferred stock today with 47.7 million units of its shares worth N60.1 million traded in 178 deals. Access Corporation had 25.3 million units of its shares priced at N248.3 million exchanged hands in 308 transactions.
GTCO had 20.7 million shares valued at N481.1 million traded in 367 deals. Jaiz traded 16.4 million shares estimated at N13.2 million in 55 transactions. Universal Insurance traded 16.3 million shares valued at N3.3 million in 1 deals.
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