Local Stocks Gain 1.98% on Aggressive Hunt for Value

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By Dipo Olowookere

The Nigerian Stock Exchange (NSE) continued its upward trajectory on Thursday as investors continue to take position ahead of anticipated selloffs next week.

Next Saturday, Nigerians will head to the polls to choose someone who will lead them for another four years.

The February 16 presidential election is already raising tension in the land especially with the death threat by Governor Nasir El-Rufai of Kaduna State that any foreign element that messes up would have their bodies taken back in body bags.

At the market yesterday, investors aggressively mopped up some stocks that could fetch huge returns in the next couple of days.

This was witnessed in the purchase of some tier-one banking equities, making the market gain 1.98 percent at the close of transaction to consequently take the year-to-date return to 0.01 percent.

The All-Share Index (ASI) rose by 611.69 points to finish at 31,433.49 points, while the market capitalisation appreciated by N228.1 billion to settle at N11.722 trillion.

Topping the gainers’ chart on Thursday was Nestle Nigeria, which appreciated by N10 to settle at N1470 per share.

GTBank rose by N3.30k to end at N38, while Forte Oil increased its share value by N2.70k to finish at N29.70k per share.

Dangote Cement went up by N2 to quote at N190 per share, while Zenith Bank garnered N1.65k to close at N24.45k per share.

On the flip side, Conoil suffered 25 kobo loss to close the day as the highest loser at N23 per share.

It was followed by NEM Insurance, which fell by 15 kobo to settle at N2.30k per unit, and Learn Africa, which declined by 10 kobo to end at N1.40k per share.

Trans Nationwide Express depreciated by 6 kobo to close at 63 kobo per share, while NASCON reduced by 5 kobo to end at N17.85k per share.

During the day’s session, the total volume and value of stocks transacted by investors jumped by 21.63 percent and 21.79 percent to 436.8 million and N5.9 billion respectively.

Business Post reports that the most traded equity was UBA, recording a turnover of 136.5 million units worth N987.1 million.

Zenith Bank followed with 63.4 million units valued at N1.5 billion, and Access Bank, which sold 44.4 million units for N277.9 million.

FBN Holdings exchanged 31.5 million units worth N236.3 million, while GTBank traded 31.5 million units valued at N1.2 billion.

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