Nigerian stocks rise for fifth straight day on bellwether gains

Equities on the Nigerian Stock Exchange generally posted their fifth consecutive daily gains on Thursday as leading stocks including Seplat, Dangote Cement and MTNN propelled the N325 billion upward drift.

Also contributing to the uptrend was increase in the share prices of NASCON and Ardova, who gained on the back of the positive sentiment created by Wednesday’s announcement of an expansion involving a planned takeover of Enyo Retail and Supply Limited.

A 5.32 per cent jump in the Insurance Index, best advancer of the bourse five sectorial indices, also bolstered gains.

Market breadth was significantly positive as 49 equities emerged compared to seven losers.

Edging up by 1.54 per cent, the All Share Index (ASI) closed at 40,963.14 basis points. In the same vein, market capitalisation climbed to N21.419 trillion.

Year to date, the index is up by 1.72 per cent.


Champion Breweries led gainers, strengthened by potential takeover bid of its majority shareholder Heineken B.V., growing by 9.82 per cent to close at N1.23. NASCON gained 9.72 per cent to close at N17.50. Japaul Gold rose by 9.45 per cent to N1.39. Mansard leapt to N1.51, notching up…

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