Guinness, Meyer, Wema Bank lead gainers as Nigerian stocks rally

Nigerian stocks pulled back from a two-day retreat on Wednesday, with the benchmark index inching up by 0.09 per cent, but the advance means little when set beside the loss that befell the market Monday through Tuesday, summing up to 0.69 per cent.

Equities have shed N140 billion in the last two days as stock market fund yielded more grounds to the debt market, where the pull of improving yields has not ceased draw participants.

That suggests recovery is likely to be measured and not dramatic for the Nigerian bourse, which so far this year has depreciated by N850 billion.

A negative market breadth was reported as there were 22 losers against 14 gainers.

The all-share index expanded 34.32 points to close at 38,636.15, while market capitalisation closed at N20.21 trillion.

Year to date, the index is down by 4.06 per cent.


Guinness led the gainers’ chart, appreciating by 9.96 per cent to close at N26.50. Meyer went up by 8.16 per cent to N0.53. Wema rose to N0.60, notching up 5.26 per cent in the process.

Chams added 4.76 per cent to end trade at N0.22. Caverton completed the top 5, climbing by 2.56 per cent to N2.


NNFM was the worst performing stock, declining by 10 per cent to close at N5.40. Fidson shed 9.89 per cent to close at N4.28.

Cutix fell to N2.03, losing 9.78 per cent. Sterling Bank slumped to N1.65, recording 8.33 per cent decline. Wapic closed at N0.46, going down by 8 per cent.


Japaul Gold was the most active stock with 46.220 million shares worth N34.57 million traded in 279 deals. UACN traded 32.595 million shares priced at N311.50 million in 140 transactions.

Fidelity had 28.472 million shares valued at N70.73 million traded in 144 deals. Access traded 22.685 million shares estimated at N183.24 million in 225 transactions. Zenith traded 19.618 million shares valued at N431.43 million in 330 deals.

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