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Nigerian stocks add N331 billion as investors chase big-cap equities

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The gain hinged on the telecom sector via the Performance of MTN Nigeria, drawing support from GTCO and FBN Holdings.

saw an appreciation of N330.5 billion or 1.1 per cent on Thursday, advancing for the second straight day, as investors bucked the recent interest rate adjustment.

As on Wednesday when Airtel Africa hit over N6 trillion valuation days after regaining the top spot as Nigeria’s biggest company by market valuation, gain hinged on the telecom sector via the Performance of MTN Nigeria, drawing support from GTCO and FBN Holdings.revenue jumped Analysts at investment firm United Capital said they “anticipate continued market interest in the domestic equities space despite ongoing profit-taking” in their outlook note to investors seen by PREMIUM TIMES.

The all-share index was up by 559.9 basis points at 53,151.3. Similarly, market capitalisation advanced to N28.7 trillionIndustrial and Medical Gas grew by 10 per cent to N11. Champion Breweries gained 9.94 per cent to close at N3.76. Linkage Assurance rose by 9.09 per cent to N0.60.

 

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