Nigerian stocks extended gains on Friday as the benchmark index rose 0.15 per cent, helping to sustain the positive momentum in the market ahead of the earnings season due to start any moment soon.
But investors will want to regard the new advance with cautious optimism given that the rise of Nigerian stocks to their highest point in 13 years owed more to the cumulative value that new companies listing on the exchange have added to the entirewas positive, with 21 advancers emerging against 14 losers. The rest 65 stocks participating in Friday trading session closed flat.
FTN Cocoa rose to N0.39, notching up 5.41 per cent in the process. Seplat completed the top 5, climbing up by 4.86 per cent to N755.10.Regal Insurance topped losers, depreciating by 4.55 per cent to close at N0.42. Sovereign Trust shed 4 per cent to end today’s trade at N0.24. Sunu Assurances fell to N0.31, losing 3.12 per cent.Honeywell Flour slumped to N3.20, recording 3.03 per cent depreciation. Custodian Investment closed at N7.05, going down by 2.76 per cent.In all, 281.