Nigerian equity market strengthens with a growth of 1.88%

The Nigerian equity market on Friday increased by 1.88 per cent to extend an uptrend for the third consecutive day with the market capitalisation improving by N164 billion.

The market capitalisation inched N164 billion or 1.88 per cent to close at N8.855 trillion against N8.691 trillion achieved on Thursday. Also, the All-Share Index rose by 475.75 points or 1.88 per cent to close at 25,740.83 compared to 25,265.08 posted on Thursday, amid huge gains by some blue chips.

Market analysts said that the market was reacting to OPEC decision to cut crude oil output to rein in a global glut which led to rise in petroleum stocks. Mobil Oil led the gainers’ table, growing by N30.13 to close at N324.13 per share. Nestle followed with a gain of N9.94 to close at N820 and Forte Oil gained N6.06 to close at N65.26 per share.

Dangote Cement appreciated by N6 to close at N160, while Guaranty Trust Bank added 69k to close at N23.49 per share.

On the other hand, Union Dicon topped the losers’ chart, dropping by 82k to close at N15.67 per share. Flour Mills trailed with a loss of 29k to close at N19.20, while CCNN depreciated by 21k to close at N4.50 per share. Dangote Sugar lost 15k to close at N5.80 and NAHCO dropped by 11k to close at N2.21 per share. The market also showed a buying momentum with a total of 576.85 million shares valued at N1.35 billion transacted in 2,258 deals.

This was against the 773.87 million shares worth N1.91 billion exchanged in 2,334 deals on Thursday. An analysis of the activity chart indicated that Wema Bank remained the most active with 417.06 million shares valued at N233.56 million. Diamond Bank followed with a total of 45.42 million shares worth N42.20 million and Access Bank traded 20.31 million shares valued at N110.75 million. FCMB Group accounted for 20.25 million shares worth N20.24 million and Transcorp traded 10.29 million shares valued at N7.30 million.