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Local Stocks Sustain Growth by 0.64%

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) extended its gains on Wednesday after closing 0.64 percent higher to raise the year-to-date return to 3.77 percent.

The bullish sentiment yesterday increased the All-Share Index (ASI) of the NSE by 207.88 points to settle at 32,614.06 points, with the market capitalisation growing by N78 billion to finish at N12.162 trillion.

It was observed that the huge expectation investors have concerning the 2018 financial results of some bellwether counters is driving the bargain hunting.

This was noticeable in the level of activity recorded at the market yesterday with the total volume and value of stocks further rising by 22.65 percent and 35.63 percent.

At the close of transactions, the total volume of shares traded was 443.8 million compared with the 361.8 million units sold the previous session, while the total value of the stocks sold was N5.6 billion against N4.2 billion of the previous day.

There was a huge interest in the shares of Sterling Bank on Wednesday after the lender announced the previous day that it had received a $65 million credit facility from a bank operated by a league of Arab nations.

At the market yesterday, investors rushed to add more of the company’s stocks to their portfolio, emerging as the most traded equity with a turnover of 105.8 million units worth N253.8 million.

It was followed by GTBank, which exchanged 37.4 million shares worth N1.4 billion, and UBA, which traded 33 million equities valued at N266.2 million.

Access Bank transacted 29.4 million shares for N187.8 million, while Transcorp exchanged 25.5 million shares for N37.6 million.

Business Post also reports that the market breadth further closed positive yesterday after 26 counters closed facing north in contrast to the 16 price losers.

Leading the pack of the price risers was Nigerian Breweries, which appreciated by N7.50k to finish at N82.50k per share.

Mobil Oil rose by N1.80k to end at N170 per unit, while UAC of Nigeria appreciated by 50 kobo to settle at N9 per share.

Dangote Flour also rose by 50 kobo to finish at N9.95k per share, while Zenith Bank went up by 45 kobo to close at N25.80k per share.

On the losers’ chart, Nestle Nigeria claimed the top spot after losing N20 of its share value to settle at N1580 per unit.

Unilever Nigeria went down by 60 kobo to finish at N43 per share, while GlaxoSmithKline fell by 45 kobo to close at N11.55k per share.

Custodian Investment also depreciated by 45 kobo to end at N6.10k per share, while Flour Mills declined by 25 kobo to finish at N20.75k per share.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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