Nigerian stocks rise further on buy pressure on Stanbic IBTC Holdings

Nigerian stocks jump 0.53 per cent further Thursday as investors’ exuberance for and buy pressure on Stanbic IBTC Holdings shares drove trade, a day after the financial services groupThe group on Wednesday announced N3.60 per share final dividend and a bonus issue of one new share for every six held.

Gains by Stanbic IBTC shares contributed N29.870 million to market capitalisation as wireless operator MTN and UPDC REIT also lifted trade. The insurance index emerged the day’s biggest riser of the five sectorial indices, advancing 0.81 per cent to 200.09 points. Twenty three gainers were recorded compared to 12 losers, causing the market to close with a positive breadth.

The all-share index inched up by 207.36 points to close at 39,293.14, while market capitalisation leapt to N20.558 trillion.Wapic led gainers, appreciating by 10 per cent to close at N0.55. UPDCREIT grew by 9.80 per cent to end trade at N5.60. Pharma Deko went up by 9.63 per cent to N1.48. Neimeth rose to N1.95, notching up 9.55 per cent in the process. GSK completed the top 5, climbing up by 9.45 per cent to N6.95.Sovereign Trust Insurance topped the losers’ chart today declining by 8.

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