Nigerian stocks Wednesday saw one of its biggest daily surges in weeks in extension of their newfound upturn, bringing the benchmark index higher by 1.25 per cent or N319.6 billion. But a slide in turnover almost by half and a 4 per cent contraction in transaction volume limited what would have been an altogether impressive performance.

Investors exuberance for bellwethers like Airtel Africa, Seplat, Nigerian Breweries and Dangote Cement lifted the main stock index, which advanced for the seventh straight trading.

The index now stands at its highest point in more than thirteen years and seven months.

Oil marketer Eterna Oil, in which unlisted Rainoil secured a controlling stake (61 per cent) in November, appreciated most of the 116 equities partaking in Wednesday’s trade as activity in the stock intensified, having announced the day before it would launch a mandatory tender offer to acquire at a premium 1.3 million shares from its shareholders at N13.50 per unit.

The stock, which had seen no price movement since the start of the month rose 10 per cent to N5.50.

Market breadth, a signal of investors’ sentiment towards trade, was positive as 28 gainers were recorded compared to 21 laggards.

The all-share index jumped 592.85 basis points to 48,138.71, while market capitalisation rose to N26 trillion.

Year to date, the index is up 12.7 per cent.

TOP FIVE GAINERS

Eterna led appreciated by 10 per cent to close at N5.50. Japaul Gold went up 10 per cent to N0.33. Guinness rose to N82.85, notching up 9.96 per cent in the process. Meyer added 9.66 per cent to end trade at N1.93. Wapic Insurance completed the top 5, climbing by 9.42 per cent to N0.46.

TOP FIVE LOSERS

Union Tag was the worst performing stock, declining by 9.60 per cent to close at N8.95. CWG shed 9.28 per cent to close at N0.88. John Holt fell to N0.71, losing 8.97 per cent. Regal Insurance slid to N0.32, recording 8.57 per cent depreciation. Sunu Assurance closed at N0.33, going down by 8.33 per cent.

TOP FIVE TRADES

In all, 349.6 million shares estimated at N3.7 billion were traded in 4,587 deals.

Universal Insurance was the most active stock with 73 million units of its shares worth N14.6 million traded in 2 deals. Zenith Bank traded 23.7 million shares priced at N571.5 million in 404 transactions. Fidelity Bank had 20.7 million shares valued at N80 million traded in 213 deals. UBA traded 20.1 million shares estimated at N160.5 million in 165 transactions. Mutual Benefits traded 16.4 million shares valued at N3.9 million in 25 deals.

PT