Stock Market Halts 8-Day Losing Streak, Gains 0.22%

By Modupe Gbadeyanka

Activities on the floor of the Nigerian Stock Exchange (NSE) closed on a positive note on Wednesday, November 23, 2016, for the first time in nine days.

Investors in the capital market have had to endure losses for eight consecutive days, causing apprehension in some quarters.

Business Post correspondent gathered that the major market indices ended in the green zone today, restoring investors’ confidence in the market again.

The all-share index improved by 0.22 percent or 55.66 basis points to close at 25,517.00 basis points, while the market capitalisation appreciated by N19.2 billion to finish at N8.78 trillion.

Nestle Plc led the gainers’ chart today with a gain of N10 to close at N810 per share, while CAP Plc followed with a growth of 93k to end at N33 per share.

Also, Flour Mill improved by 89k to close at N18.74k per share, PZ Plc rose by 71k to finish at N15.20k per share and GlaxoSmithKline added 46k to end at N14 per share.

At the market on Wednesday, investors traded 165.7 million shares worth N1.13 billion in 2,484 deals.

Business Post correspondent reports that Total topped the losers’ table on Wednesday after shedding N10.58k to close at N245 per share, while Forte Oil, which trailed it, crashed by N4.62k to finish at N70 per share.

Julius Berger Nigeria Plc fell by N1.90k to close at N36.10k per share, AfriPrud sank by 12k to finish at N2.66k per share and Dangote Sugar lost 6k to end at N6 per share.

A total of 19 stocks appreciated in value at the market today, while 9 stocks remained unchanged and 11 equities fell.

Investors are hoping that the improvement recorded today will continue tomorrow and not start another run of poor form.