Heavy weight stocks lift Nigerian stock market

Price gains in some heavy weight stocks like Dangote Cement ensured that the Nigerian bourse close Friday’s session in positive territory. The All-share index rose by 185bps up 180bps week-on-week; 39.04 per cent year-to-date.

Dangsugar  rose by 9.11 per cent to  top the gainers chart on Friday while Nascon  which closed the day trading dropping 4.43 per cent topped the laggards table on the day.

WAPIC led the volume charts today with 650.33mn while Nigerian Breweries led the value charts with N1.26 billion. A total of 19 stocks gained points while 13 stocks lost points.

The NSE Banking Index closed up by 16 bps. There were gains for Fidelity (+4.29%), Stanbic (+3.68%) and ETI (+2.85%).  Access (-2.30%) and Diamond (-1.69%) were on the losers chart.

The NSE Consumer Goods Index (+138bps) on Dangsugar (+9.11%), Flourmill (+9.03%) and INTBREW (+7.53%). Nascon (-4.43%) was the biggest loser in that space.

The NSE Oil and Gas Index (+42bps) on Seplat (+1.02%).  The NSE Industrial index down only by 5bps on the day.

Tier 1 banking stocks dominated market activities with multiple crosses across 3 major stocks of Zenith, UBA and Access.

Those three stocks alone accounted for c.68 per cent of the total value traded today- Zenith ($6million), UBA ($3million) and Access ($2.7million).

About 77.5million units of UBA was crossed N9.80 with 20 million crossed at N9.75. Zenith- 12million units crossed at N25 while 10 million units was crossed at N24.50. Access (41million units at N10.22, 37 million units at N9.90).