Stock Market Sustains Growth Trend

The Nigerian stock market has continued to sustain the growth trend as the market indicators for yesterday gained 0.87 per cent.

The NSE-ASI went up by 336.95 or 0.87 per cent to close at 39,113.62 points from the 38,776.67 achieved on Tuesday. Similarly, market capitalisation gained N115 billion to close at N12.915 trillion as against the N12.80 posted on Tuesday.

Guinness led the gainers’ by N14.90 to close at N192.90 per share. It was trailed by Nestle with a gain of N2.95 to close at N983, while Dangote Cement appreciated by N1.11 to close at N213.

Nigerian Breweries chalked up by N1 to close at N164, while ETI rose by 85 kobo to close at N19 per share.

Conversely, Unilever recorded the highest price loss of N2.16 to close at N40.16 per share. PZ Cussons lost N1.24 to close at N26.50, while Forte Oil dropped by 50 kobo to close at N213.50 per share.

Wapco shed 22 kobo to close at N118 per share, while Access lost 19 kobo to close at N8.46.

However, volume traded dropped by 45.24 per cent to trade at 193.24 million shares, valued at N2.66 billion and traded in 4,302 deals.

Transcorp emerged the most traded equity with 28.60 million shares valued at N528.68 million. ETI came second with 16.81 million shares worth N39.08 million, while Sterling Bank accounted for 16.41 million shares valued N39.08 million.

UBA traded 10.41 million shares worth N61.81 million, while FBN Holdings exchanged 10.41 million shares valued at N128.35 million.

Stockbrokers have said that the bullish momentum is extended to continue throughout the week, given the attractive level of share prices.

Source : Leadership

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