Nigerian Stocks Sustain Upward Trend, Rise by 0.76%

By Modupe Gbadeyanka

Equity transactions on the Nigerian Stock Exchange (NSE) consolidated on previous day’s uptrend on Wednesday with a marginal growth of 0.76 percent.

Some major capitalised stocks sustained price rally at the close of trading activities today just as investors gained N77 billion as buy pressure continues.

The major market indicators pointed northward with the All-Share Index (ASI) adding 221.72 points to settle at 29,498.31 points, while the market capitalisation increased by N77 billion to finish at N10.198 trillion and the year-to-date return ended at 9.76 percent.

Business Post reports that the number of equities that appreciated at the close of trading on the floor of the NSE stood at 31, while 18 stocks depreciated in price.

In addition, the volume of shares transacted today by investors declined as well as the value.

Investors exchanged a total of 343 million shares worth N3.34 billion executed in 4,905 deals compared with 833 million units traded yesterday in 6,259 deals valued at N7.6 billion.

Dangote Cement led the gainers’ table today with a growth of N7.90k to close at N175 per share, while Nestle appreciated by N5.1k to finish at N875.1k per share.

Other gainers were Total, which rose by N5 to settle at N265 per share; Nigerian Breweries, which went up by N3.50k to end at N149.50k per share; and Unilver, which advanced by N1.74k to finish at N37.49k per share.

Conversely, Seplat emerged the biggest loser, declining by N18.51k to end at N351.99k per share, while 7up followed with a fall of N4.98k to close at N94.77k per share.

GTBank depreciated by N1.79k to finish at N34.1k per share, Stanbic IBTC drowned by 75k to wrap the day at N26 per share, and Zenith Bank tumbled by 55k to settle at N18.95k per share.

Business Post reports that the Financial Services sector dominated the activity chart in terms of volumes of shares traded.

First Bank traded a total of 61.2 million shares worth N319 million, while Diamond Bank exchanged 41.9 million valued at N40.4 million.

Fidelity Bank transacted 38.8 million at N40.7 million, UBA traded 35 million shares valued at N264.8 million, while Zenith Bank exchanged 26.6 million worth N506.3 million.