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Nigerian stocks rally amid depressed trading

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Dangote Cement, Honeywell Flour and UACN led the charge, with the advance helping to pare the bourse’s year-to-date loss to 1.79 per cent.

Nigerian stocks rebounded on Tuesday as the benchmark index rose 0.11 per cent, recovering the ground lost at the previous trading session even though trading volume dropped by as much as 22 per cent., Honeywell Flour and UACN led the charge, with the advance helping to pare the bourse’s year-to-date loss to 1.79 per cent.

Market breadth, an indicator of investor sentiment, was neutral as 16 advancers were reported relative to 16 losers. The all-share index edged up 44.96 basis points to 39,550.36, while market capitalisation leapt to N20.6 trillion.Honeywell Flour led gainers, appreciating by 9.78 per cent to close at N2.47. Pharma Deko grew by 9.24 per cent to end trade at N1.30. Wema went up by 3.70 per cent to N0.84. Neimeth rose to N1.70, notching up 3.66 per cent in the process. GSK completed the top 5, climbing up by 3.31 per cent to N249.60.

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