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Nigerian stocks rally with N104.1 billion gain

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Telco heavyweight Airtel Africa was central to the strong performance.

Nigerian stocks found resilience on Friday as the benchmark index rose 0.46 per cent or N104.1 billion after three straight of losses, but that was substantial enough to help the week record a positive return.

Telco heavyweight Airtel Africa was central to the strong performance, with support coming from AIICO Insurance and WAPIC Insurance., which measures the level of investors’ sentiment towards trade, closed on a negative note as 24 losers emerged, compared to 18 gainers. The all-share index increased by 199.52 basis points to close at 43,308.29, while market capitalisation closed at N22.6 trillion.Royal Exchange led the gainers’ chart, appreciating by 10 per cent to close at N0.55. ABC Transport went up by 10 per cent to N0.33. AIICO rose to N0.70, notching up 9.38 per cent. UPL added 8.89 per cent to end trade at N2.94. Regal Insurance completed the top 5, climbing by 7.69 per cent to N0.42.UPDCREIT led losers, declining by 9.82 per cent to close at N5.05.

 

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