Trading on the Nigerian Stock Exchange (NSE) closed with another significant 926.39 basis points or 2.38% jump on Monday, with Dangote Cement chalking N11.15 to close at N234.26 per share.
Mobil Oil gained N8.50; Guinness, N4.40; Conoil, N3.01; and Nigerian Breweries; while Vitafoam lost 16 kobo, in apparent reaction by investors and traders to its offer 15 kobo dividend, despite reporting a loss after tax in its result for the full-year ended September 30, 2017; Dangote Sugar Closed 15 kobo down; ahead of C&I Leasing’s 7 kobo, among others.
The session however closed with 13 stock touching new 52-year highs.
They include financial services stocks: Zenith Bank, which closed at N28.61 per share; Guaranty Trust Bank, N44; FBN Holding, N9.60; FCMB, N1.99; United Capital, N4.15; Diamond Bank, N1.98; Sterling Bank, N1.48 per share.
Others are: Cadbury Nigeria, N16.84; Eterna, N5.16; Honeywell Flour Mills; Dangote Flour Mills, N14.70; and UACN Properties.
According to Ambrose Omordion, Chief Research Officer of Investdata Consulting Limited, “only one or two of these stocks are overpriced.
“The ones making new 52-week highs just broke one resistance level that indicate the possibility of going even high is there,” he added.