Nigeria\u2019s bourse extended its positive trend on Wednesday with a growth of 3.02 per cent, amid gains by Dangote Cement and Tier 1 banks.<\/p>\n\n\n
Speficially, the All-Share Index increased by 659.99 points, representing a growth of 3.02 per cent to close at 22,539.94 against 21,879.95 on Tuesday.<\/p>\n\n\n
Similarly, the market capitalisation inched higher by N344 billion or 3.02 per cent to close at N11.746 trillion in contrast with N11.402 trillion on Tuesday.<\/p>\n\n\n
Accordingly, Month-to-date gain increased to 5.8 per cent as Year-to-Date losses moderated to -16.0 per cent.<\/p>\n\n\n
The upturn was due to gains recorded in large and medium capitalised stocks, amongst which are: Dangote Cement, Nigerian Breweries, Guaranty Trust Bank, Zenith Bank and Dangote Sugar.<\/p>\n\n\n
Analysts at Afrinvest Limited expect positive trading to continue to buoy the capital market going forward.<\/p>\n\n\n
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to low price attraction and positive sentiment for dividend stocks with the extension of filing dates by the regulator.<\/p>\n\n\n
Omordion said institutional investors were taking advantage of the remote trading and low price of stocks to increase their stake in the market, regardless of the gloomy economy.<\/p>\n\n\n
He urged investors to target fundamentally sound and dividend paying stocks for possible capital appreciation.<\/p>\n\n\n
In all, the market recorded 28 gainers in contrast with 11 losers.<\/p>\n\n\n
Champion Breweries, Dangote Cement and Neimeth were the highest gainers in percentage terms, appreciating by 10 per cent each, to close at 88k, N133.10 and 55k per share, respectively.<\/p>\n\n\n
Oando followed with 9.85 per cent to close at N2.90, while Nigerian Breweries appreciated by 9.84 per cent to close at N26.80 per share.<\/p>\n\n\n
Zenith Bank rose by 9.66 per cent to close at N15.90, while Transcorp appreciated by 8.96 per cent to close at 73k per share.<\/p>\n\n\n
On the other hand, Arbico Plc led the losers\u2019 chart in percentage terms, losing 9.82 per cent, to close at N2.57 per share.<\/p>\n\n\n
Wema Bank trailed with a decline of 9.68 per cent to close at 56k, while Cutix dropped 9.09 to close at N1.20 per share.<\/p>\n\n\n
AIICO Insurance lost 4.76 per cent to close at 80k, while Union Bank of Nigeria shed 4.62 per cent to close at N6.20 per share.<\/p>\n\n\n
However, the total volume of shares traded declined by 41.48 per cent with an exchange of 326.44 million shares worth N3.34 billion transacted in 5,166 deals.<\/p>\n\n\n
This was in contrast with 557.82 million shares valued at N2.62 billion exchanged in 5,310 deals on Tuesday.<\/p>\n\n\n
FBN Holdings topped the activity chart with 74.758 million shares valued at N354.24 million.<\/p>\n\n\n
Zenith Bank followed with 72.11 million shares worth N1.097 billion, while Guaranty Trust Bank traded 36.77 million shares valued at N793.96 million.<\/p>\n\n\n
United Bank for Africa sold 22.92 million shares worth N145.82 million, while FCMB Group transacted 19.18 million shares valued at N32.25 million.<\/p>\n\n\n
Nigeria\u2019s bourse extended its positive trend on Wednesday with a growth of 3.02 per cent, amid gains by Dangote Cement and Tier 1 banks. Speficially, the All-Share Index increased by 659.99 points, representing a growth of 3.02 per cent to close at 22,539.94 against 21,879.95 on Tuesday. Similarly, the market capitalisation inched higher by N344 […]<\/p>\n","protected":false},"author":1,"featured_media":21928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n
By Chris Ndibe<\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"