Nigerian equities rose marginally Thursday with a 0.10 per cent progress by the benchmark index, extending the uptrend in the market to its third straight day.
The climb owed its debt to traders’ blossoming interest in banks’ stocks, which constituted more than a third of the overall gain, withleading the pack. Consumer goods equities like Vitafoam and Unilever significantly contributed also. The banking Index, the highest mover of the five sector indexes tracked by the exchange, strengthened 0.52 per cent to 358.44 index points, touching its peak in almost a fortnight.“In the last trading session of the week, we suspect that profit-taking may dominate the local bourse,” the investment bank said.
The market posted a positive breadth as 19 gainers emerged against 15 losers. The 71 other stocks that traded in Thursday’s session saw no movement in price. The all-share index was up by 39.15 basis points at 39,210.10, just as market capitalisation expanded by N20.4 billion to N20.437 trillion.Linkage Assurance topped the gainers’ chart, appreciating by 9.09 per cent to close at N0.60. PZ added 7.14 per cent to end today’s trade at N6. May & Baker advanced by 5 per cent to N4.20. Chams rose to N0.21, notching up 5 per cent. African Alliance Insurance completed the top 5, climbing up by 4.96 to N12.70.
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