Nigerian stocks rise further on bank stock gains

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The benchmark index edged 0.29 per cent higher.

Nigerian stocks extended gains for a second straight session on Monday, with the benchmark index edging higher 0.29 per cent as investors’ exuberance for bank equities helped push stocks higher.

Big lenders Zenith and GTB drove gains, but the advance was somewhat limited by a drop of 4.84 per cent in the shares of Flour Mills that helped the consumer goods index take bottom rung of the performance ladder. The banking index was the best-performing of the five sectorial indices tracked by the bourse, advancing 2.89 per cent to 364.50 basis points.The all-share index jumped 113.99 basis points to 39,312.74, while market capitalisation climbed to N20.496 trillionRegal Insurance led gainers, appreciating by 9.68 per cent to close at N0.34. ABC Transport grew by 9.68 per cent to end trade at N0.34. Union Bank went up by 9.26 per cent to N5.20.

Linkage Assurance rose to N0.75, notching up 8.70 per cent in the process. Mutual Benefits completed the top 5, climbing up 8.11 per cent to N0.40Unity Bank topped the losers’ chart, declining by 8.33 per cent to close at N0.55. Japaul Gold shed 6.67 per cent to end today’s trade at N0.56. Neimeth fell to N1.71, losing 6.04 per cent in the process. Flour Mills slumped to N29.50, recording 4.84 per cent depreciation. NAHCO closed at N2.10, going down by 4.55 per cent.

 

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