NGX ASI up 0.25% as Conoil, others rally further

Nigeria’s equities market rose by 0.25 percent on Thursday, recording its third day of rally this week. For the second time this week, Conoil Plc on Thursday led the market’s league of advancers after its share price moved from N352 to N387.20, adding N35.20 or 10 percent.

It was followed by Tantalizers which increased from N1.60 to N1.76, adding 16kobo or 10 percent. Custodian Investment also moved from N12.60 to N13.85, adding N1.25 or 9.92percent while Africa Prudential increased from N14.30 to N15.70, adding N1.40 or 9.79. Golden Guinea Breweries also rallied from N7.18 to N7.88, up by 70kobo or 9.75percent.

Read also: NGX ASI down by 0.06% as mixed sentiment persists

“We anticipate a mixed market, albeit with a bullish tilt, with possible buy-side action in key names from investors looking for attractive valuations across the NGX,” analysts at Lagos-based Vetiva said ahead of Thursday’s trading.

At the close of trading session on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further from preceding day’s lows of 98,509.68 points and N59.715 trillion respectively to 98,760.59 points and N59.867 trillion. The stock market year-to-date (YtD) return increased to 32.08 percent.

In 8,304 deals, investors exchanged 489,654,913 shares worth N7.057billion. FCMB Group, Etranzact, Japaul Gold, Secure Electronic Technology Plc, and Haldane Mccall Plc were mostly traded stocks on Thursday.