June 5(Lagos) - The bears have been slaughtered ahead of the goats in the stock market of Nigeria just before we break for the eid holidays.
Stocks ripped into the eid-il-Kabir holiday weekend with a 1.63% increase in the all stock index led by 10% gains in
OANDO which released their 2024 financial results earlier in the week. Those results seemed to impress investors even though the debt levels exceeded expectations. Other stocks that gained 10% today were
MTNN &
CHAMPION Breweries albeit on low volume.
Notably,
CORNERST Insurance &
MORISON Industries reported their 2024 FY result and both stocks gained 10% on the day. Cornerstone proposed a dividend of 27 kobo per unit.
In the oil and gas sector
ARADEL added N 20 to its stock price as well.
The most traded today today was Fidelity Bank (
FIDELITYBK ) with 829 million shares traded today alone. Average daily volume on this stock is 64 million so we are talking more than 12 times daily average traded today. Is something brewing at Fidelity Bank or someone knows something? time will tell. Perhaps the 2024 annual result is about to be released and some people know about what is inside it.
Shareholders of
TRANSCORP will be relieved to see their stock gaining today after a long period of "silence" from the stock following the explosive 2023 that it had.
So it will be a good holiday break for most investors in the Nigerian stock market. Wish you all a happy and peaceful eid il Kabir break. See you back on Tuesday.
Take it easy, be safe. Don't drink and drive. Say no to drugs. Cheers.