Nigerian stocks hit 23-day high on sector giant gains

“In the coming trading session, we expect the positive performance to be extended on the back of bargain hunting activities in the market,” analysts at investment bank Afrinvest said.

All the five sectorial indices tracked by the bourse appreciated, with the industrial index coming top of the pack, following a jump of 1.33 per cent to 1,952.10 basis points. A positive market breadth was recorded as 25 gainers emerged against six laggards. The rest 65 participating stocks saw no price movement.

Rising 289.25 basis points, the all-share index closed at 39,170.95. In the same vein, market capitalisation climbed by N150.8 billion to N20.418 trillion. It closed at 39, 306.47 on May 17.Cutix led gainers, growing by 10 per cent to close at N2.53. Okomu Oil gained 9.75 per cent to close at N116.50. Union Bank rose by 9.43 per cent to N5.80. Honeywell leapt to N1.26, notching up 8.62 per cent in the process. ABC Transport completed the top 5, climbing up by 8.11 per cent to N0.40.

dropped to N3.10, losing 1.59 per cent. FBN Holdings dipped to N7.20, recording 1.37 per cent loss. Mansard closed at N0.83, going down by 1.19 per cent.

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