Nigerian stocks climbed for the third consecutive day on Friday as the main equity index enlarged by 1.8 per cent, pushing the combined valuation of all the stocks listed on the exchange beyond N29 trillion.
Rather than diminishing on account of the upward review of the benchmark interest rate by the central bank on Tuesday, appetite for stocks has been waxing stronger, with telecom shares being the main force that has been carrying equities higher ever since.
Wireless operator Airtel Africa drove gains with support from Flour Mills and FBN Holdings.
Now valued at over N6.6 trillion, the telecom giant has gained about N3.6 trillion or 54 per cent since the start of the year.
Market breadth, an indicator of the level of investors’ sentiment towards trade, was neutral, with 19 gainers and laggards reported apiece.
The all-share index rose 934 points to 50,085.5, while market capitalisation advanced to N29.2 trillion.
Between January and now, the index has returned 26.6 per cent.
TOP FIVE GAINERS
Cutix appreciated by 9.96 per cent to close at N2.87. Airtel Africa enlarged by 9.89 per cent to end trade at N1,767. Wema went up by 8.63 per cent to N3.65. Ardova rose to N15.10, notching up 7.09 per cent in the process. FBN Holdings completed the top 5, climbing by 6.98 per cent to N11.50.
TOP FIVE LOSERS
Nigerian Breweries led losers, declining by 10 per cent to close at N69.30. UACN shed 9.87 per cent to end trade at N10.50. UPL fell to N2.85, losing 9.52 per cent. Royal Exchange slumped to N0.98, recording 9.26 per cent depreciation. Linkage Assurance closed at N0.56, going down by 6.67 per cent.
TOP FIVE TRADES
In all, 208.1 million shares estimated at N5.5 billion were traded in 4,898 deals.
Flour Mills was the most active stock with 21.5 million of its shares worth N746.8 million traded in 158 deals. GTCO shares of 20.1 million units, priced at N464.5 million, exchanged hands in 350 transactions.
FBN Holdings had 18 million shares valued at N205 million traded in 308 deals. Transcorp traded 14 million shares estimated at N18.1 million in 87 transactions. Access Corporation traded 12.5 million shares valued at N122.1 million in 293 deals.
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