Nigerian equities market buoyed gains yesterday by N50 billion as investors furthered their demand for stocks. Driven by investors appetite for stocks like Cadbury Nigeria plc, UAC of Nigeria plc, Julius Berger Nigeria plc, Guinness Nigeria plc, and Nigerian Breweries plc, the Nigerian Stock Exchange (NSE) All Share Index (ASI) rose by 0.47 percent or 146.56 points. The NSE ASI recorded new highs of 31,195.93 points from 31,049.37 points the preceding trading day, while the market capitalisation increased from N10.360 trillion to N10.410 trillion.
The Nigerian stock market resisted trends in the oil market as investors bought into short-to- medium terms prospects of the market as earnings season kicked-off. Brent crude oil fell toward $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs. Brent was down 45 cents at $59.28 a barrel by 1345 GMT (9.45 a.m. ET). US crude was down 15 cents a barrel at $49.46.
It closed down $1.15 on Friday, ending a third week of declines. The share price of Cadbury Nigeria plc rallied most from N37.9 to N41.28, adding N3.38; followed by UAC of Nigerian plc, which appreciated from N35.52 to N36.73, after adding N1.21. Julius Berger Nigeria plc gained N1.01, from N42.99 to N44, adding N1.01; Guinness Nigeria plc gained N0.85, from N128.15 to N129
. Also, Nigerian Breweries plc appreciated by N0.8, from N145.15 to N145.95. In 5,601 deals, equity traders exchanged 466.162 million units valued at N5.043 billion. On the losers table, Mobil Oil Nigeria plc recorded the highest price decline of N8, from N161 to N153. Presco lost N1.53, from N30.77 to N29.24; Ashaka Cement plc declined by N0.6, from N18.5 to N17.9; PZ Cussons Nigeria plc declined from N27.99 to N27.43, losing N0.56, while Ikeja Hotel plc dropped by N0.35, from N4.35 to N4. Analysts see Nigerian bond yields rising next week on the back of tight naira liquidity and political uncertainty before presidential elections.
