Nigerian stocks made a resounding rebound on Wednesday, climbing 1.89 per cent in its biggest performance in many days, which saw equities generally appreciate by N382 billion.
The benchmark index touched its peak since August 19, drawing support from investors’ vast demand for the shares of FBN Holdings,“In the final trading session for the week, we anticipate an extension of this positive momentum as investors snap up bargains ahead of the weekend”, analysts at broker Afrinvest said of Thursday’s trade.
Market breadth, often used to measure investors’ attitude towards trade, closed in the positive after 23 advancers were reported compared to 15 advancers. The all-share index lifted by 733.30 points to 39,592.29, while market capitalisation scaled up to N20.63 trillion.NNFM led gainers, appreciating by 6.88 per cent to close at N8.55. FBN Holdings grew by 6.62 per cent to end trade at N8.05. Dangote Cement went up 6.53 per cent to N261. Nestle rose to N1,489, notching up 6.36 per cent in the process. Courteville traded up 6.06 per cent to N0.35.