Nigerian stocks edged up by 0.07 per cent on Monday, touching a pinnacle last seen on September 15, 2008 as investors’ cash piled into financial services stocks more than other sectors even though the size of trade was five per cent smaller than Friday’s.
On Tuesday, the introduction of two stock futures – NGX Pension Index Futures and NGX 30 Index Futures – debuted in an epoch-session marking the start of the first exchange-traded derivatives market in West Africa. “We expect some slowdown in the equities market after the heavy bargain hunting activities observed in the market last week,” said analysts at broker and investment bank United Capital.
The all-share index grew by 35.48 points to 47,545.86, while market capitalisation rose to N25.6 trillion. Year to date, the index is up by 11.31 per cent.Meyer topped the gainers’ chart, appreciating by 10 per cent to close at N1.76. Guinness went up 6.86 per cent to N74.80. NPF Microfinance Bank rose to N2.20, notching up 6.80 per cent in the process. Cadbury added 5 per cent to end the trade at N8.40. Sterling Bank completed the top 5, climbing by 3.57 per cent to N1.45.