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Business News of Friday, 13 May 2022

Source: www.premiumtimesng.com

Nigerian stocks climb further amid buy pressure on Seplat, bank shares

Nigerian stocks Nigerian stocks

Nigerian stocks continued their ascent on Friday May 13 as the main equity index improved by 0.34 per cent thanks to a surging wave of interest from investing in equities, which has helped improve yield for quite a while now.

Stocks have gained every trading day but one since 8th April as a couple of better-than-expected first quarter results as well as dividend/bonus declarations by companies have been strengthening sentiment in the market.

Nigeria’s biggest oil and gas firm by market value Seplat led the advance on Friday, assisted by Flour Mills and lenders like Zenith, GTCO and Fidelity Bank.

Transaction volume dropped by as much as 29 per cent and turnover by 37 per cent.

Market breadth, often used to measure the level of investors’ sentiment to trade, was neutral as there were 29 gainers and laggards apiece. The remaining 62 stocks partaking in Friday trade recorded no price movement.

The all-share index was up by 180.7 basis points at 53,098.5. Similarly, market capitalisation rose to N28.6 trillion

The index has been down by 24.3 per cent since the year started.

TOP FIVE GAINERS

NNFM grew by 9.94 per cent to N9.95. McNichols gained 9.84 per cent to close at N1.34. Neimeth rose by 9.71 per cent to N1.92. Transcorp Hotel leapt to N4.88, notching up 9.66 per cent in the process. Royal Exchange completed the top 5, climbing up by 9.29 per cent to N1.53.

TOP FIVE LOSERS

Champion Breweries declined 9.90 per cent to N4.37. International Breweries fell to N8.80, losing 9.74 per cent. Academy Press dipped to N1.51, recording 9.58 per cent loss. Tripple Gee closed at N0.87, going down by 9.38 per cent. Regal Insurance shrank by 6.45 per cent to end the day at N0.29.

TOP FIVE TRADES

A total of 303.5 million shares worth N3.6 billion were traded in 7,019 deals.
Transcorp was the most preferred stock today with 37.9 million units of its shares worth N48.2 million traded in 165 deals. Jaiz had 32.3 million units of its shares priced at N29 million exchanged hands in 89 transactions. WAPCO had 14.9 million shares valued at N475.2 million traded in 475 deals. GTCO traded 14 million shares estimated at N333.4 million in 305 transactions. Oando traded 13 million shares valued at N77.3 million in 160 deals.