Nigerian stocks reach their highest level since February 29

 Nigerian stocks reach their highest level since February 29

Nigerian stocks reach their highest level since February 29.

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Despite the market’s year-to-date performance struggling to return to positive territory, Nigerian stocks closed with an upward gap of 1.59%, hitting its highest level since February 29.

Market capitalisation, on the other hand, increased to N21 trillion, up 628.88 points to 40,221.17 index points. The market has fallen by 0.12% since January.

The risk-on disposition of investors toward Nigerian blue-chip stocks such as Dangote Cement, Nigerian Breweries and GTCO helped sustain trade volume gains of 120.7 percent, which began on Wednesday. 3752 trades totalled 1 billion shares worth N7.4 billion.

Stocks worth N430.5 million worth of shares of FBN Holdings traded in 300 deals, representing 53.8 million units. 23.3 million shares worth N22.2 million were traded by Transcorp in 87 trades. A total of 203 transactions involved 19.4 million shares worth N544.3 million for GTCO.

20 advancers outnumbered 14 laggards, a measure of investor sentiment toward trades.

Top 5 gainers

Gainers were led by UPL, which gained 9.82% to close at N1.23. Pharma Deko rose 9.81% to N2.35. May & Baker rose 9.17% to N4.88. Sovereign Trust rose to N0.24, rising 9.09%. In the top 5, Consolidated Hallmark climbed 7.55% to N0.57.

Top 5 Losers

Chams plunged 8.70% to N0.21. Meanwhile, Mansard dropped to N2.33 after losing 4.12%. With a 3.23% drop, Jaiz settled at N0.60. Livestock lost 2.69%, closing at N2.17. Japaul closed at N0.44, falling by 2.22%.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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