By Modupe Gbadeyanka

Bulls maintained their dominance on the Nigerian Stock Exchange (NSE) on Thursday as the market closed 1.37 percent higher.

This was mainly influenced by strong half-year earnings posted by some quoted mid-sized companies as well as FBN Holdings today.

Business Post reports that Nigerian stocks extended gains at the close of activities today for the 16th straight day.

This is the longest winning streak by the Nigerian stock market in more than two-years.

In addition, the All-Share Index (ASI) closed today with an addition of 504.40 points to settle at 37,245.17 points, crossing the 37,000 point psychological mark for the first time in almost three years.

The last time it achieved this feat was in October 2014, before the present administration of President Muhammadu Buhari.

As the half year earnings continue to troop in, investors gained N174 billion on Thursday to leave market capitalisation at N12.84 trillion at the close of transactions.

Banking stocks, like the previous day, were investors’ delight today with UBA selling a total of 117.3 million shares valued at N1.2 billion.

Zenith Bank traded 63 million shares for N1.6 billion, while Diamond Bank exchanged 52.2 million shares at N66.6 million.

Also, FBN Holdings transacted 51.5 million shares worth N308.2 million, and FCMB traded 30.8 million shares valued at N40.1 million.

In all, a total of 542.8 million shares were traded on the floor of the NSE on Thursday in 5,939 deals valued at N8 billion.

An analysis of the price movement chart showed Nestle as the biggest gain with N45.50k rise to close at N955.50k per share.

It was trailed by Nigerian Breweries, which rose by N7.87k to finish at N173.77k per share, and Okomu Oil, which expanded by N3.54k to end at N74.41k per share.

Conoil progressed by N3.36k to settle at N36.40k per share, while Beta Glass appreciated by N2.87k to close at N60.34k per share.

http://www.businesspost.ng/2017/07/27/nigerian-stocks-go-16-days-unbeaten-index-hits-33-month-high/