Nigerian stocks scrape weak rally on gains by energy shares

The index remains 3.63 per cent down year to date.

Nigerian stocks found resilience on Friday after losses were reported at the two preceding trading even though the advance was muted at 0.03 per cent, with the oil and gas index driving the rally more than other four sector indexes tracked by the bourse.

Oando and Ardova were instrumental in the oil & gas index’s rise as they were in that of the benchmark index itself. Market breadth, a barometer for investors’ sentiment, was negative as there were 13 laggards against 10 gainers. The all-share index expanded 9.24 points to close at 38,810.75, while market capitalisation closed at N20.2 trillion.Transcorp Hotel led the gainers’ chart, appreciating by 9.80 per cent to close at N3.92. Regal Insurance went up by 6.67 per cent to N0.48. Oando rose to N4.79, notching up 4.13 per cent in the process. Ardova added 3.33 per cent to end trade at N15.50. Cutix completed the top 5, climbing by 2.73 per cent to N5.65.

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