Nigerian stocks Wednesday saw one of its biggest daily surges in weeks in extension of their newfound upturn, bringing the benchmark index higher by 1.25 per cent or N319.6 billion. But a slide in turnover almost by half and a 4 per cent contraction in transaction volume limited what would have been an altogether impressive performance.
Investors exuberance for bellwethers like Airtel Africa, Seplat, Nigerian Breweries and Dangote Cement lifted the main stock index, which advanced for the seventh straight trading.
The index now stands at its highest point in more than thirteen years and seven months.
Oil marketer Eterna Oil, in which unlisted Rainoil secured a controlling stake (61 per cent) in November, appreciated most of the 116 equities partaking in Wednesday’s trade as activity in the stock intensified, having announced the day before it would launch a mandatory tender offer to acquire at a premium 1.3 million shares from its shareholders at N13.50 per unit.
The stock, which had seen no price movement since the start of the month rose 10 per cent to N5.50.
Market breadth, a signal of investors’ sentiment towards trade, was positive as 28 gainers were recorded compared to 21 laggards.
The all-share index jumped 592.85 basis points to 48,138.71, while market capitalisation rose to N26 trillion.
Year to date, the index is up 12.7 per cent.
TOP FIVE GAINERS
Eterna led appreciated by 10 per cent to close at N5.50. Japaul Gold went up 10 per cent to N0.33. Guinness rose to N82.85, notching up 9.96 per cent in the process. Meyer added 9.66 per cent to end trade at N1.93. Wapic Insurance completed the top 5, climbing by 9.42 per cent to N0.46.
TOP FIVE LOSERS
Union Tag was the worst performing stock, declining by 9.60 per cent to close at N8.95. CWG shed 9.28 per cent to close at N0.88. John Holt fell to N0.71, losing 8.97 per cent. Regal Insurance slid to N0.32, recording 8.57 per cent depreciation. Sunu Assurance closed at N0.33, going down by 8.33 per cent.
