Nigerian Stocks Extend Rally with N52.4b Rise

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) on Wednesday closed in the green territory, with the major market indicators pointing north.

The benchmark index rose by 151.61 points or 0.58 percent to close at 26,116.79 points, while the market capitalisation increased by N52.4 billion to end at N9.027 trillion and the year-to-date return dropping to -2.82 percent.

The market breadth finish bullish today with 27 gainers compared with 13 losers.

Business Post correspondent reports that investors transacted a total of 265 million shares worth N2.9 billion executed in 3,958 deals.

On the price movement chart, Unilever emerged the highest gainer, growing by N1.69k to finish at N33.50k per share.

Forte Oil trailed with a gain of N1 to end at N44 per share, Guinness rose by 99k to close at N61 per share, UACN advanced by 65k to finish at N14.40k per share, while Ashaka Cement appreciated by 52k to end at N10.96k per share.

On the flip side, Total depreciated by N10 to close at N255 per share, 7up declined by N4.75k to end at N90.25k per share and NASCON slumped by 42k to finish at N8.5k per share.

Also, UAC-Prop went down by 5k to finish at N1.75k per share, while Continental Reinsurance dropped 4k to close at N1.7k per share.