The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; TotalEnergies Marketing Nigeria, Nigerian Breweries, Stanbic IBTC Holdings, Julius Berger and Lafarge Africa.
Analysts at Afrivest Limited said: “in the next trading session, we expect the positive performance to be sustained on the back of the improved market sentiment and release of favourable Q1, 2022 earnings.” Looking ahead, United Capital Plc expected the tone of the market will be dictated by the outcome of the ongoing Q1, 2022 earnings season, saying, “further positive takes may strengthen investors’ resolve to remain bullish on the market but we note that the bourse is due some short term correction following the steep uptrend observed in consecutive weeks.”
Market sentiment, as measured by market breadth was positive as 43 stocks gained, relative to 16 losers. UPDC Real Estate Investment Trust recorded the highest price gain of 10 per cent to close at N3.85, per share. Ikeja Hotel followed with a gain 9.93 per cent to close at N1.55, while Eterna rose by 9.92 per cent to close at N7.31, per share.
Oando rose by 9.90 per cent to close at N6.44, while Skyway Aviation Handling Company appreciated by 9.89 per cent to close at N7.30, per share.
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