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Nigerian stocks advanced for the first time this week on Thursday after the main equity index added 0.2 per cent on the back of continued brisk trade in the shares of Access Holdings.
Nigeria’s biggest lender by assets has now traded as many as 2.3 billion shares in the two weeks since 20 April, the day the corporation announced it would pay shareholders 50 per cent more in annual dividends for last year.
The stock has appreciated by 18.9 per cent since then.
Trade derived further strength from the gains recorded by GTCO and oil and gas firm Ardova.
“This week, we expect bullish sentiments to continue, as investors look to take advantage of fundamentally sound stocks with low pricings, with Q1-2023 earnings season already underway,” said analysts at United Capital in their outlook note seen by PREMIUM TIMES.
“However, we see room for pockets of profit-taking activities.”
Market breadth was positive as 32 gainers were reported compared to 18 decliners.
The all-share index grew by 83 basis points to 52,290.8, while market capitalisation climbed to N28.5 trillion.
TOP FIVE GAINERS
Mutual Benefits appreciated by 10 per cent to close at N0.33. NEM Insurance enlarged by 9.6 per cent to end trade at N4.55. CWG rose to N1.20, notching up 9.1 per cent in the process. Ardova went up by 8.5 per cent to N19.85. Champion Breweries completed the top 5, climbing by 8.3 per cent to N0.39.
TOP FIVE LOSERS
Linkage Assurance led losers, declining by 9.4 per cent to close at N0.48. McNichols shed 8.9 per cent to end trade at N0.72. Red Star Express fell to N2.3, losing 8.73 per cent. University Press slumped to N1.66, recording 8.3 per cent depreciation. Champion Breweries closed at N4, going down by 7.6 per cent.
TOP FIVE TRADES
Altogether, 1.3 billion shares estimated at N7 billion were traded in 5,963 deals.
Transcorp was the most active stock with 311.2 million of its shares worth N723.9 million traded in 483 deals. Access Corporation’s shares of 219.4 million units, priced at N2.3 billion, exchanged hands in 930 transactions.
Chams had 31 million shares valued at N10.1 million and traded in 85 deals. Zenith traded 24.9 million shares estimated at N597.3 million in 426 transactions. Fidelity Bank traded 24.3 million shares valued at N137.7 million in 104 deals.
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