Nigerian Stocks Gain N76bn Amid Pressure

BEVERLY HILLS, January 12, (THEWILL) – Nigerian stocks gained N75.906 billion on Tuesday amidst increased investors’ interest in the shares of Dangote Cement, Ardova, NASCON, Dangote Sugar and May & Baker.

The All Share Index (ASI) was up by 0.36 per cent and closed 40,295.95 basis points. Market capitalisation edged up to N21.070 trillion, according to Nigeria Stock Exchange data.

Year to date, the stocks index is up by 0.06 per cent.

The Insurance Index reportedly advanced the most of the five sectoral indices, with a 3.61 per cent rise to 213.43 index points, quoting data by the Nigerian Stock Exchange.

The uptrend also drew strength from a 248 per cent leap in liquidity, which saw the size of stocks trade climb to 1.166 billion shares from 335.6 million.

The market posted a positive breadth that saw 27 gainers emerge against 20 losers.

Niger Insurance led gainers, with its stocks appreciating by 10 per cent to close at N0.22. Omatek added up 10 per cent to end trade at N0.22. Nascon advanced by 10 per cent to N15.95. Mutual Benefits rose to N0.33, notching up 10 per cent in the process. Ardova completed the top 5, climbing up by 9.75 per cent to N19.70.

Oando topped the losers’ chart, declining by 5.41 per cent to close at N3.50. UACN Property shed 4.76 per cent to end trade at N0.80. Deap Capital Leasing fell to N0.20, losing 4.76 per cent. Courteville slid to N0.22, recording 4.3 per cent depreciation. Wema closed at N0.70, going down by 4.11 per cent.

Investors staked N7.970 billion on 1.166 billion shares in 5,591 deals.

Upcredit was the most preferred stock on Tuesday with 755.008 million units of its shares worth N4.153 billion traded in seven deals, singularly accounting for 65 per cent of market turnover.

With more than 28 per cent of its ordinary shares changing hands in just seven transactions, it is probable that a majority shareholder has just taken a strategic ownership position in the firm. 49.508 million units of Mansard’s stocks priced at N59.129 million exchanged hands in 152 transactions.

Transcorp had 44.269 million shares valued at N41.763 million traded in 85 deals. Japaul Gold traded 29.348 million shares estimated at N34.044 million in 66 transactions. Sterling Bank traded 26.206 million shares valued at N51.849 million in 78 deals.