Nigerian stocks extend N80 billion gains as bank stocks continue to impress investors

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Nigerian stocks rose 0.38% or 80.4 billion naira on Wednesday to peak in more than eight months before the third quarter earnings season which is expected to start shortly.

Equities are regaining their momentum thanks to a more favorable investment climate which has seen the market return to positive performance since the start of the year since last Tuesday.

This optimism is based on a relentless rush to stock shares at FBN Holdings, one of four Nigerian banks that Bloomberg has ranked among the five cheapest stocks in Africa end of August. The stock has dominated trade in all but two trading sessions since the start of October and has returned 32.3% by then.

Wednesday’s lead was based on the performance of FBN Holdings, GTCO, UBA, Access and Champion Breweries, with a few mid-cap stocks providing further support.

Market place, often used to determine the level of investor sentiment towards trade, was positive, with 29 emerging winners, compared with 14 laggards.

“We expect the positive performance to continue as investors look for bargains and position themselves for the third quarter earnings season in the equity market,” analysts at investment bank United Capital said. in a note published on Monday and seen PREMIUM TIME.

The all-stock index rose 154.23 basis points to 41,051.19, while market capitalization hit 21.4 trillion naira by the end of trading.

Since the start of the year, the index is up 1.94%.

THE FIVE BEST GAINERS

Transcorp Hotels led the winners, rising 9.94% to close at 5.97 N. Champion Breweries added 9.88 percent to end today’s trade at N2.78. Hallmark Consolidated rose 9.09 percent to 0.60 N. Okomu Oil rose to N125, up 8.23 ​​percent in the process. Japaul Gold rounded out the top 5, climbing 6.67 percent to N0.48.

TOP FIVE LOSERS

FTN Cocoa was the worst performing stock, falling 8 percent to close at 0.46 N. ABC Transport fell to 0.32 N, losing 5.88 percent. Regal Insurance fell to N0.38, recording a 5 percent depreciation. Hotel Ikeja lost 4.55% to close at 1.05N. Universal insurance closed at 0.21, down 4.55%.

TOP 5 PROFESSIONS

A total of 446.2 million shares valued at 4.5 billion naira were traded in 4,704 transactions.

FBN Holdings was the most active stock with 148.4 million units of its shares worth N 1.7 billion traded in 741 transactions. Universal Insurance traded 46.2 million shares priced at N9.7 million in 30 transactions. ETI traded 42.6 million shares valued at N 316.1 million in 193 deals. GTCO traded 32.6 million shares valued at 923 million naira in 253 transactions. Fidelity had 19.7 million shares valued at N 53.2 million traded in 173 transactions.



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