Nigerian stocks rose by 0.1 percent on Friday, taking up the return on the total number of shares listed on the stock exchange so far this year by 6.1 percent.
In late trade on Friday, stocks broke a two-day spell that began on Thursday amid election uncertainty in Africa’s largest economy.
But to regain its pre-pandemic buoyancy, trade remained muted as foreign investors stayed away from Nigerian equities for fear that the current dollar shortage could prevent them from redeeming their investments.
The dilemma is further complicated by uncertainty as Nigerians head to the polls this month.
“We expect the depressed interest rate environment to continue to favor equity markets in line with expectations for Q1-2023,” the investment bank United capital said in his outlook note for this week.
“We note that the profit-taking activity seen during the past week (last week) is a caution for market participants as the bear may resume,” he added.
Market breadth was positive as 17 gainers were reported compared to 9 decliners.
The all-share index rose 37.4 basis points to 54,364.7, while market capitalization advanced to N29.6 trillion.
Top five gainers
Conoil appreciated by 10 percent to close at N35.3 while MRS expanded by 8.2 percent to end trade at N23. Chams rose to N0.27, notching up 8 per cent in the process. GSK rose by 6.8 percent to N6.2, and Champion Breweries finished top 5, climbing by 6.2 percent to N4.78.
Top five losers
CWG led the losers, declining by 9.2 percent to close at N0.89. Fidelity shed 2.9 percent to end trade at N5.42 while NAHCO fell to N8.2, losing 2.4 percent. FBN Holdings slumped to N11.65, recording a 1.7 percent depreciation. Vitafoam closed at N20.9, down 1.4 percent.
READ ALSO: Nigerian stocks close at six-month high
Top five trades
In all, 140.8 million shares valued at N3.2 billion were traded in 3,553 deals.
UBA was the most active stock with 28.6 million shares valued at N239.7 million traded in 171 deals. GTCO shares of 22.9 million Units, valued at N575.3 million, exchanged hands in 206 transactions. Access Holdings has 14.7 million shares valued at N134.2 million traded in 132 deals. Zenith sold 12.6 million shares worth N319.2 million in 250 transactions.
Meanwhile, Chams traded 5.5 million shares valued at N1.5 million in 19 deals.
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