Brisk trade in FBN Holdings’ shares help Nigerian stocks extend gain
Nigerian stocks climbed for the second trading day on Monday as the benchmark index jumped higher by 0.34 per cent with the lender FBN Holdings to thank.
Trade in the financial services group was unusually frenetic as 610.4 million units representing 81.per cent of total transaction volume exchanged hands with the pressure of the demand for them boosting gain.
The advance also drew support from Conoil and MTN Nigeria, which both reported moderate gains.
“We anticipate continued profit taking, we also expect investors to begin bargain hunting by cherry picking fundamentally sound stocks at a discount,” said analysts at investment bank United Capital in their forecast note for this week.
Market breadth, a pointer to investors’ sentiment to trade, closed in the positive as 19 advancers emerged in contrast to 15 laggards.
The all-share index rose by 178.2 points to at 53,086.5, while market capitalisation scaled up to N28.6 trillion.
The index is up by 24.3 per cent year to date.
TOP FIVE GAINERS
Conoil led gainers, appreciating by 9.97 per cent to close at N32. Pharma Deko grew by 9.37 per cent to end trade at N1.75. Learn Africa went up by 8.72 per cent to N2.37. FTN Cocoa rose to N0.36, notching up 5.88 per cent in the process. Sterling traded up 4.17 per cent to N0.25.
TOP FIVE LOSERS
Trans-Nationwide Express topped the losers’ chart, declining by 6.41 per cent to close at N0.73. ETI shed 6.40 per cent to end today’s trade at N11.70. Japaul Gold closed at N0.30, going down by 6.25 per cent.
READ ALSO: Nigerian stocks see first fall in six days as traders take profit
ABC Transport fell to N0.31, losing 6.06 per cent in the process. Unilever slumped to N14.50, recording a 3.01 per cent depreciation.
TOP FIVE TRADES
Altogether, 755.6 million shares estimated at N8.1 billion were traded in 4,297 deals.
FBN Holdings was the most active stock with 610.4 million of its shares worth N6.8 billion traded in 163 deals. Flour Mills traded 23 million shares priced at N803.9 million in 121 transactions. WAPIC had 21.6 million shares valued at N8.8 million exchange hands in 52 deals. Transcorp traded 11.6 million shares estimated at N14.6 million in 93 transactions. Zenith traded 8.9 million shares valued at N208.9 million in 300 deals.
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Nigerian stocks climbed for the second trading day on Monday as the benchmark index jumped higher by 0.34 per cent with the lender FBN Holdings to thank.
Trade in the financial services group was unusually frenetic as 610.4 million units representing 81.per cent of total transaction volume exchanged hands with the pressure of the demand for them boosting gain.
The advance also drew support from Conoil and MTN Nigeria, which both reported moderate gains.
“We anticipate continued profit taking, we also expect investors to begin bargain hunting by cherry picking fundamentally sound stocks at a discount,” said analysts at investment bank United Capital in their forecast note for this week.
Market breadth, a pointer to investors’ sentiment to trade, closed in the positive as 19 advancers emerged in contrast to 15 laggards.
The all-share index rose by 178.2 points to at 53,086.5, while market capitalisation scaled up to N28.6 trillion.
The index is up by 24.3 per cent year to date.
TOP FIVE GAINERS
Conoil led gainers, appreciating by 9.97 per cent to close at N32. Pharma Deko grew by 9.37 per cent to end trade at N1.75. Learn Africa went up by 8.72 per cent to N2.37. FTN Cocoa rose to N0.36, notching up 5.88 per cent in the process. Sterling traded up 4.17 per cent to N0.25.
TOP FIVE LOSERS
Trans-Nationwide Express topped the losers’ chart, declining by 6.41 per cent to close at N0.73. ETI shed 6.40 per cent to end today’s trade at N11.70. Japaul Gold closed at N0.30, going down by 6.25 per cent.
READ ALSO: Nigerian stocks see first fall in six days as traders take profit
ABC Transport fell to N0.31, losing 6.06 per cent in the process. Unilever slumped to N14.50, recording a 3.01 per cent depreciation.
TOP FIVE TRADES
Altogether, 755.6 million shares estimated at N8.1 billion were traded in 4,297 deals.
FBN Holdings was the most active stock with 610.4 million of its shares worth N6.8 billion traded in 163 deals. Flour Mills traded 23 million shares priced at N803.9 million in 121 transactions. WAPIC had 21.6 million shares valued at N8.8 million exchange hands in 52 deals. Transcorp traded 11.6 million shares estimated at N14.6 million in 93 transactions. Zenith traded 8.9 million shares valued at N208.9 million in 300 deals.
WATCH: Governor Yahaya Bello’s Roadmap to Hope 2023
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
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