Nestle, Seplat, Guinness, others gain as stock market rises by 0.06%

Nigeria’s stock market closed positive yesterday by 0.06 percent driven by gains recorded in share prices of Nestle Nigeria plc, Seplat Petroleum Development Company plc, Guinness Nigeria plc, Nigerian Breweries plc and Mobil Oil Nigeria plc.
After yesterday’s trading, 23 stocks gained on the Nigerian bourse while 29 equities lost their value.
Nestle led the pack of23 stocks that recorded price increase after its share price rallied from N995 to N1,043, adding N48; followed by Seplat which recorded gain of N16.88 after its share price moved up from N355.12 to N372.
Guinness also joined the league of big gainers as its share price appreciated from N159.45 to N170, after adding N10.55. Also, the share price of Nigerian Breweries plc appreciated from N161 to N169, adding N8, while Mobil recorded N6.8 gain, from N151.2 to N158.
On the losers’ table of 29 equities, Total Nigeria plc led other stocks after shedding N7 to close at N150, from initial price of N157. Lafarge Africa plc also dropped from N82.37 to N80.21, losing N2.16; followed by Oando plc which recorded a loss of N1.85, from N19 to N17.15 at the close of deals.
Chemical and Allied Products plc also lost its value after its share price dropped from N39 to N37.5, losing N1.5; while Dangote Cement plc lost N1.38, from initial price level of N193.79 to N192.41 at the close of deals.
The Nigerian Stock Exchange All Share Index (NSE ASI) closed high at 34,684.32 points against the preceding trading day’s level of 34,663.92 points; while market capitalisation rose by N7bn to close at N11.487trn against preceding trading day’s level of N11.480trn.
Analysts say they expect to see a low level of activity in today’s session in favour of the bears. “We anticipate some level of profit taking on the back of the recent bullish run,” market analysts at UBA Capital said.
The volume of stocks traded decreased by 36.98 percent from 620.152m to 390.821m, while the total value of stock traded increased by 49.54 percent from N4.676bn to N6.993bn in 4,637 deals.

Source : BusinessDay

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