Nigerian Stocks Gain Over N390bn In 2 Days

By Nse Anthony-Uko
(Sundiata Finance) – Nigerian stocks on Thursday rallied for the second day with record increase of N396billion as value stocks gained ahead of their half-year earnings release. The Year-to-Date (Ytd) return stood at 23.80percent as the Nigerian Stock Exchange (NSE) All Share Index (ASI) appreciated from week open level of 32,122.14 points to Thursday’s level of 33,269.84 points; while market capitalisation reached record high of N11.504 trillion from a week-open low of N11.108 trillion.
At the close of trading Thursday, the volume of stocks traded increased by 13.72per cent, from 386.2million to 439.2million, while the total value of stocks traded increased by 45.49percent, from N3.303 billion to N4.806 billion in 4,594 deals.
The Financial Services sector led the activity chart with 351.2million shares exchanged for N2.9billion; while Conglomerates followed with 43.9million shares traded for N66million.
The Nigerian Stock Exchange notified the Dealing Members that Unilever Nigeria Plc has through its Stockbroker, Stanbic IBTC Stockbrokers Limited, submitted an application to The Exchange for approval and listing of a Rights Issue of 1,961,709,167 Ordinary Shares of 50 Kobo each at N30 per share on the basis of 14 new ordinary shares for every 27 ordinary shares held. The Qualification Date for the Rights Issue was Wednesday June 28, 2017.
Seplat Petroleum Development Company Plc led the list of 37 gainers against 14 losers. Seplat gained N5, from N460 to N465; Dangote Cement Plc followed N4.98, from N200 to N204.98; while Nigerian Breweries Plc gained N4.19, from N154.53 to N158.72. Chemical and Allied Company Plc declined most from N33.25 to N32, down by N1.25; GTBank Plc lost 30kobo, from N36 to N35.7; while May & Baker Plc lost 22kobo, from N4.51 to N4.29. United Bank for Africa Plc, Access Bank Plc, Transnational Corporation Plc, Diamond Bank Plc and Zenith Bank Plc were actively traded stocks on the Nigerian bourse Thursday.
Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 per cent, stretching their bullrun to the longest since April. Global benchmark Brent crude futures were up 35 cents at $47.66 a barrel at 1058 GMT, having touched a two-week high of $47.83 earlier in the session.

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