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Nigerian stocks rise further on gains by big-cap shares

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The all-share index jumped 528.15 basis points to 42,411.12, while market capitalisation leapt to N22.14 trillion.

Nigerian stocks climbed higher on Monday as the benchmark index added 1.26 per cent, with MTN Nigeria and Dangote Cement steering the rise.

The advance drew support from ETI and NGX Group, while Meyer, which topped PREMIUM TIMES stock recommendation for the week, turned out to be the most profitable stock of the day, up by 9.09 per cent., an indicator of investor sentiment towards trade, was positive as 23 advancers were reported relative to 13 laggards.

“We expect to see resumption of profit-taking activities, particularly on stocks that rebounded significantly, as we note that bullish sentiments dominated the bourse last week in what we consider a dead cat bounce,” analysts at broker and investment bank United Bank said in a note seen by PREMIUM TIMES.Meyer led gainers, appreciating by 9.09 per cent to close at N0.36. Academy Press grew by 8.51 per cent to end trade at N0.51. FTN Cocoa went up by 8.11 per cent to N0.40. GSK rose to N6.

 

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