Stanley Opara
The Nigerian stock market soared by N719bn in two days on Wednesday after 33 firms recorded gains in their share prices, with 17 plummeting.
The market has recorded three straight gains this week, with the market capitalisation on Monday, Tuesday and Wednesday closing at N11.943tn, N12.246tn and N12.662tn, respectively.
A total of 335.339 million shares valued at N4.643bn exchanged hands in 5,385 deals on Wednesday, as the Nigerian Stock Exchange All-Share Index closed at 36,740.77 basis points from 35,533 basis points recorded on Tuesday.
Stocks surged 3.4 per cent on Wednesday to a 32-month high on improving sentiment after most listed firms announced increases in half-year earnings, traders said.
The main share index neared the 37,000 point index level last reached in November 2014. The bourse settled the year-to-date return at 36.71 per cent.
Conoil Plc was the best performing stock, advancing by 10.21 per cent to close at N33.04.
Fidson Healthcare Plc, Oando Plc, Presco Plc and Zenith Bank Plc followed on the gainers’ table, appreciating by 10.06 per cent, 7.01 per cent, 6.95 per cent and 6.67 per cent.
On the other hand, Aiico Insurance Plc recorded the highest decline, dipping by 5.26 per cent to close at N0.54.
SCOA Plc, Union Bank of Nigeria Plc, Neimeth International Pharmaceutical Plc and Custodian and Allied Plc followed on the losers’ chart, sliding by 4.77 per cent, 4.57 per cent, 4.55 per cent and 4.49 per cent, respectively.
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