Ardova rises after acquisition plans as Market index climbs 1.52%
By Samuel Bankole
Ardova Plc, formerly Forte Oil share gained 9.3 percent on Thursday after the fuel retailer announced plans to acquire Enyo Retail and Supply, helping to push up the market index.
The fuel retailer share closed at N21.85 as the All Share Index increased by 1.54 percent to close at 40,963.14 points.
Ardova said on Wednesday it was in talks with the shareholders of Enyo Retail and Supply Limited to acquire the downstream operations of the company.
The Nigerian equity market capitalisation of equities listed on the NSE increased to N21.42 trillion from N21.094 trillion as on the previous day.
The total volume traded closed with an exchange of 809.362 million units valued at N8.91 billion traded in 6,706 deals.
The market breadth was positive with 49 gainers as against 7 losers.
The NSE 30 Index increased by 1.68 percent to close at 1,676.02 points as against 1,648.27 points as on the previous day.
Market turnover closed with traded volume of 337.24 million units.
Seplat gained 8.76 percent to close N540 per share, the second biggest cement firm, Lafarge Africa gained 3.98 percent to close at N23.50 while Dangote Cement, the most capitalised firm rose 3.04 percent to close at N237.
Also, Access Bank gained 3.83 percent to close at N9.50, United Bank for Africa (UBA) rose 2.84 percent to close at N9.05 while Dangote Sugar rose 3.56 percent to close at N20.35.