Nigerian stocks crossed N20 trillion on Tuesday as the benchmark index scaled up by 0.52 per cent, touching a level last seen on June 21 with a jumble of heavyweight bank and oil & gas equities leading the charge.
Traders’ blossoming confidence in Seplat, Total, Access and Zenith particularly strengthened gains as the market sustained a bull run that is now in its fifth day. Earnings release for the second quarter and the half year will start trickling in the weeks ahead and hopes are high for improved results across sectors as Africa’s largest economy rebalances from a recession that capped the coronavirus outbreak last year.
“We expect the market to sustain its positive performance as investors’ position ahead of the H1:2021 earnings result,” said broker Afrinvest. Market breadth closed on an upbeat note with 28 gainers emerging against 10 advancers. The all-share expanded 198.03 points to 38,418.04 just as market capitalisation jumped to N20.027 trillion.May & Baker led gainers, appreciating 9.65 per cent to close at N4.43. UACN Property went up 9.57 per cent to N1.03. Total rose to N158.40, notching up 9.24 per cent in the process. Consolidated Hallmark added 9.23 per cent to end trade at N0.71. UPL completed the top 5, climbing by 9.