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NSE: Nigerian stocks set for biggest gain in seven years after N168bn rally

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Nigerian stocks are on track for their biggest annual yield since 2013 after the Nigerian Stock Exchange (NSE) bounced back on Tuesday from a loss posted at the previous session.

Tuesday’s gain pushed year-to-date yield to 45.7%, making the NSE the best performing stock market in the world this year and the Nigerian bourse was ranked number one of the 93 equity indexes tracked by Bloomberg.

The uptrend drew strength from a rise in heavyweight stocks like BUA Cement, Zenith Bank and Access Bank, as well as Neimeth and NPF Microfinance Bank.

A 2.39% jump in the Industrial Index, the best mover of the 5 sectorial indices, to 1,903.95 index points also strengthened gains.

Investors’ penchant for riskier assets have been unflagging due to weak yield on fixed-income securities, said Lagos-based Chapel Hill Denham in its note to clients on Tuesday, adding that equities will outperform bonds in the year ahead.

Market breadth was negative as 20 losers emerged compared to 19 gainers.

The All Share Index (ASI) lifted by 0.80% to 39,110.17, while market capitalisation was up by N167.641 billion at N20.447 trillion.

 

TOP 5 GAINERS

Jaiz Bank led gainers on the NSE, appreciating by 10% to close at N0.66. NEM went up by 9.56% to N1.49. Lasaco rose to N0.37, notching up 8.82% in the process. NPF Microfinance Bank added 8.39% to end today’s trade at N1.68. Japaul Gold completed the top 5, climbing by 8.33% to N0.52.

READ ALSO:  NSE: Blue-chip gains catapult market capitalisation beyond N20tn mark

TOP 5 LOSERS

NCR led losers on the NSE, declining by 9.68% to close at N1.96. FTN Cocoa shed 8.99% to close at N20.81. Trans-Nationwide Express fell to N0.72, losing 8.86%. Chams slumped to N0.21, recording 8.70% depreciation. Mansard closed at N1, going down by 4.76%.

 

TOP 5 TRADES

722.566 million shares estimated at N4.381 billion were traded on the NSE in 5,042 deals.

AIICO was the most active stock with 273.129 million units of its shares worth N326.092 million traded in 55 deals. 81.449 million units of Oando shares priced at N323.326 million exchanged hands in 129 transactions. FBN Holdings had 41.090 million shares valued at N294.212 million traded in 210 deals. Access Bank traded 40.135 million shares estimated at N353.274 million in 361 transactions. Champion Breweries traded 36.325 million shares valued at N30.159 million in 13 deals.

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