The Nigerian Stock Exchange (NSE) All-Share Index rises by 0.09 per cent following Wednesday’s agreement by the Organization of Petroleum Exporting Countries (OPEC) to cut Oil output.
The news led to price gainers in petroleum market such as Forte Oil, Mobil Oil Nigeria Plc, Oando Plc and Total Nigeria Plc in two-day consecutive trading.
The price of Brent crude rose by three per cent to $53.43 a barrel, after soaring 8.8 per cent on Wednesday.
The deal, Opec’s first output cut for eight years, is designed to reverse a slump in global oil prices and will see the group reduce production by 1.2 million barrels a day from January.
Major capital market indicators, NSE ASI added 23.45 basis points to close at 25,265.08 basis points from 25,233.42 basis points it opened in December while Market capitalisation grew to N8.691 trillion from N8.689 trillion.
After the day’s trading, Mobil retained its number one spot as the toast of investors, to lead the day’s gainers by 10.25 per cent, closing at N294 per share.
Forte Oil followed, improving by 10.22 per cent to close at N59.20 per share, while Portland Paints recorded a gain of 9.27 per cent to close at N1.65 per share.
Okomu Oil recorded a gain of 5 percent to close at N38.01 per share as Oando emerged the fifth top gainer with a growth of 4.75 per cent to close at N3.97 per share.
On the flip side, Nigerian Aviation Handling Company of Nigeria led the day’s retreating stocks, with a 4.92 per cent decline to close at N2.32 per share, Cement Company of Northern Nigeria lost 4.91 per cent to close at N4.26 per share and UAC Prop dropped 4.70 per cent to close at N2.23 per share, Neimeth Pharmaceuticals depreciated 4.17 per cent to close at 69 kobo per share, and Wapic Insurance fell 3.85 per cent to close at 50 kobo per share.
Wema Bank emerged the most traded stock for the fourth day in a row with 542.5 million shares valued at N292.9 million, Diamond Bank followed with 81.5 million units of shares worth N73.4 million while Access Bank came third with the sale of 36.5 million shares worth N198.3 million.
Guaranty Trust Bank traded 23.7 million shares worth N541.2 million and FCMB sold approximately 17.7 million shares at N17.6 million.
Overall, investors traded a total of 773.9 million shares worth N1.9 billion in 2,334 deals, 86 percent higher than 414.2 million shares traded in previous session worth N3.418 billion in 2,567 deals.