Joshs Finance

Nigerian stocks climb for ninth trading day but trade stays muted – Premium Times

Nigerian stocks stretched their gaining run for the ninth successive trading day on Thursday, pushing the main equity index by 0.18 per cent.

The NGX 30 – the index that tracks the progress of Nigeria’s top 30 firms in liquidity and market value terms – moved close to the peak last recorded nearly four years ago.

But liquidity remains low as the average daily transaction volume since 2022 turned still straggles far behind pre-pandemic levels. The figure for the day was weaker by as much as 30 per cent compared to the previous session’s.

The advance rode on the back of appreciation in the shares of Oando, Custodian Investment, Zenith Bank, and GTCO.

The Oil & Gas Index surged 1.61 per cent, leading the pack of the five sector indexes tracked by the exchange, and that was thanks to huge demand for shares in Oando as well as Eterna.

While interest in Oando, listed in both Lagos and Johannesburg, followed a board announcement that the oil driller will be conducting its first annual general meeting in three years, that in Eterna was stoked by the plan of its new majority owner – Rainoil – to acquire 1.3 million additional shares at N13.50 per unit premium inclusive.

Market breadth, which measures investors’ sentiment towards trade, was positive as 29 advancers reported against 9 losers.

The all-share index expanded 85.2 basis points to 48,223.9, while market capitalisation rose to N26 trillion.

From the start of the year till now, the index has returned 12.9 per cent.

TOP FIVE GAINERS

Eterna appreciated by 10 per cent to close at N6.05. Berger Paints enlarged by 10 per cent to end trade at N7.70. Oando rose to N5.33, notching up 9.90 per cent in the process. Meyer went up by 9.84 per cent to N2.12. SAHCO completed the top 5, climbing by 9.83 per cent to N6.37.

TOP FIVE LOSERS

SCOA led losers, declining by 9.77 per cent to close at N1.94. ABC Transport shed 6.45 per cent to end trade at N0.29. Neimeth fell to N1.36, losing 3.55 per cent. May & Baker slumped to N4.27, recording 2.95 per cent depreciation. AIICO closed at N0.68, going down by 1.45 per cent.

TOP FIVE TRADES

In all, 244.7 million shares estimated at N3.2 billion were traded in 4,859 deals.

Custodian Investment was the most active stock with 38.7 million of its shares worth N255.5 million traded in 8 deals. Oando’s shares of 19.5 million units, priced at N101.3 million, exchanged hands in 266 transactions.

Fidelity Bank had 17.3 million shares valued at N66.9 million traded in 226 deals. Nigerian Breweries traded 15.3 million shares estimated at N733 million in 165 transactions. Transcorp traded 13.9 million shares valued at N15 million in 75 deals.


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