Nigerian stocks climb higher amid increased demand for mid-cap shares

Nigerian stocks were up 0.1 per cent on Friday in extension of the rebound dating back to Wednesday but the main equity index still weakened by 0.7 per cent week on week.

The measured advance was driven by higher demand for a couple of mid-cap stocks including Geregu Power, FBN Holdings and UBA.

“Despite the rebound recorded last week, we retain a near-term expectation of persistent sell pressure in the Nigerian equities market and thus recommend the market is only good for investors with patient capital,” analysts at United Capital said earlier in their outlook note.

Market breadth, an indicator of the level of investors’ sentiment towards trade, was positive as 16 gainers were reported compared to 7 laggards.

The all-share index added 25.9 points, rising to 43,968.8, while market capitalisation increased to N23.9 trillion.

Between January and now, the index has returned 2.9 per cent.

TOP FIVE GAINERS

Cornerstone Insurance appreciated by 10 per cent to close at N0.44. Airtel Africa enlarged by 9.62 per cent to end trade at N0.57.

ETranzact went up by 9.4 per cent to N3.50. WAPIC rose to N0.36, notching up 9.1 per cent in the process. Regal Insurance completed the top 5, climbing by 8 per cent to N0.27.

TOP FIVE LOSERS

Flour Mills led losers, declining by 9.9 per cent to close at N27.30. PZ shed 7 per cent to end trade at N8.60. ETI fell to N9.50, losing 5 per cent.

Ikeja Hotel slumped to N0.93, recording 1.1 per cent depreciation. NAHCO closed at N5.80, going down by 0.9 per cent.

TOP FIVE TRADES

In all, 209.7 million shares estimated at N2.2 billion were traded in 2,942 deals.

Access Holdings was the most active stock with 81.3 million of its shares worth N654.7 million traded in 121 deals. Transcorp shares of 28.2 million units, priced at N30.3 million, exchanged hands in 61 transactions.

GTCO had 15.5 million shares valued at N273.5 million traded in 451 deals. Sovereign Trust traded 13 million shares estimated at N3.1 million in 11 transactions. Nigerian Breweries traded 11.2 million shares valued at N405 million in 98 deals.