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Business News of Saturday, 26 November 2022


Nigerian stocks add N517.8 billion as telecoms drive gains

The photo used to illustrate the story The photo used to illustrate the story

Nigerian stocks accelerated further on Thursday in one of the market’s biggest daily gains in months, the main equity index expanding by more than 2 per cent or N517.8 billion.

The turnover improved by as much as 154 per cent compared to the session before.

The surge derived principally from larger buy interest in the shares of two telecom powerhouses – MTN Nigeria and Airtel Africa even though transaction volume was almost a third weaker.

Trade has been largely bullish this week despite an upward adjustment in the benchmark interest rate by the Central Bank of Nigeria, a stance that sometimes cause the value of equities to drop.

Altogether, 18 stocks advanced in contrast to 8 losers, meaning trade closed with a positive market breadth.

The all-share index scaled up by 949.4 basis points to 47,554.3 as market capitalisation jumped to N25.9 trillion.

Year to date, the index is up 11.3 per cent.


Red Star Express was the most profitable stock led, appreciating by 9.7 per cent to N2.3. Regency Alliance went up by 8.7 per cent to N0.25.

Livestock rose to N1.06, notching up 8.2 per cent. Prestige added 7.5 per cent to end the trade at N0.43. Airtel completed the top 5, climbing by 7.4 per cent to N1,450.

Capital Hotel was the worst performing stock, dropping 10 per cent to close at N3.06. Nestle shed 10 per cent to close at N963.9.

International Breweries fell to N4.30, losing 2.3 per cent. GTCO declined to N20, recording 1.5 per cent depreciation. Wema Bank closed at N3.07, going down by 0.97 per cent.


In all, 99 million shares estimated at N5.5 billion were traded in 2,780 deals.

FCMB was the most active stock with 16.8 million units of its shares worth N54.8 million traded in 42 deals. MTN Nigeria shares numbering 16.4 million and priced at N3.3 billion exchanged hands in 150 transactions.

Fidelity Bank had 7.5 million shares valued at N30.9 million traded in 65 deals. Zenith Bank traded 6.4 million shares estimated at N139.4 million in 210 transactions. Access Bank traded 5.8 million shares valued at N49.7 million in 106 deals.