Nigerian stocks made a modest advance on Monday, extending a measured but steady rebound that began last week by 0.10 per cent in a session where trade volume bettered that of Friday by nearly double.
A scramble for MTN’s shares and investors’ interest in those of UAC and tier-2 bank FCMB and were instrumental in the bull run. Only the oil and gas index declined of the five sectorial indices tracked by the exchange, falling 0.22 per cent, the industrial index saw no movement.The benchmark index lifted by 40.01 points to 38,848.02, while market capitalisation closed at N20.330 trillion.FCMB appreciated by 9.77 per cent to close at N2.92. UPL enlarged by 9.35 per cent to end trade at N1.17. NNFM went up by 9.35 per cent to N5.85. Honeywell Flour rose to N1.30, notching up 9.24 per cent in the process.