Nigerian Stocks Gain N211b on Sustained Bargain Hunting

By Modupe Gbadeyanka

The positive momentum triggered on Wednesday as a result of bargain hunting on the trading floor of the Nigerian Stock Exchange (NSE) was maintained on Thursday, leaving investors to smile with N211 billion gain.

At the close of transactions today, the All-Share Index (ASI) rose by 610 points or 1.88 percent to finish at 33,269.84 points, crossing the 33,000 mark again after tripping down last week when the market recorded three consecutive days of decline.

Also, investors recovered N210 billion in value as the market capitalization progressed to N11.505 trillion.

In addition, the Year-To-Date (YTD) Return increased to 23.80 percent, while the market breadth closed positive with 37 advancers compared with 14 decliners.

Furthermore, activity in the market was upbeat as the volume and value of shares traded appreciated.

Business Post reports that investors bought and sold a total of 439.2 million shares valued at N4.8 billion executed in 4,594 deals today in contrast to 386.2 million units exchanged yesterday 4,372 deals worth N3.3 billion.

The active stock on Thursday was UBA, accounting for 176 million units traded at N1.6 billion, while Access Bank followed with 55 million units exchanged at N512.6 million.

Also, Transcorp transacted 43.8 million shares worth N63.8 million, Diamond Bank traded 26.3 million valued at N33.7 million, while Zenith Bank sold 20 million shares at N422 million.

An analysis of the price movement chart showed Seplat emerging the highest gainer with N5 rise to close at N465 per share.

Dangote Cement trailed after adding N4.98k to finish at N204.98k per share, while Nigerian Breweries increased by N4.19k to end at N158.72k per share.

PZ Cussons appreciated by N2.7k to close at N22.97k per share, while Mobil advanced by N2.2k to settle at N250.2k per share.

On the flip side, CAP Plc lost N1.25k to finish at N32 per share, and GTBank shed 30k to settle at N35.70k per share.

May & Baker further declined by 22k today to wrap the day at N4.29k per share, Livestock Feeds went down by 5k to end at N1 per share, and Neimeth International Pharmaceuticals sank by 4k to finish at 90k per share.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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