NSE: Stock Market Begins Week Bullish with 0.70% Growth

May 8, 2017
NSE: Stock Market Begins Week Bullish with 0.70% Growth

NSE: Stock Market Begins Week Bullish with 0.70% Growth

By Modupe Gbadeyanka

Activities resumed on Monday for the new week on a positive trend on the floor of the Nigerian Stock Exchange (NSE) some hours after President Muhammadu Buhari jetted out of the country for a medical check-up, leaving the Vice President, Mr Yemi Osinbajo, to take charge of affairs of the nation pending his return.

The stock market did not react negatively to this development, but grew stronger by 0.70 percent, extending the bullish run to seven consecutive days.

Though the volume shares transacted at the stock market dropped today, the value however increased significantly.

Business Post correspondent reports that a total of 267.7 million shares exchanged hands on Monday valued at N3.3 billion executed in 3,907 deals, compared with 442.8 million units sold last Friday at N2.9 billion traded in 4,220 deals.

It was further gathered that the market breadth closed positive with 26 advancers in contrast to 11 stocks that declined.

Similarly, the year-to-date return (YTD), Business Post reports, further dropped to -1.69 percent from -2.38 percent last Friday.

The All-Share Index (ASI) improved at the close of trading activities at the stock market by 182.70 points to finish at 26,418.33 points, while the market capitalisation appreciated by N63.2 billion to end at N9.132 trillion.

Nestle topped the advancers with a gain of N25.1k to close at N760 per share and was trailed by 7up with a rise of N9.20k to end at N103.89k per share.

Nigerian Breweries rose by N2.70k to finish at N130 per share, Unilever appreciated by N1 to end at N34 per share, while Okomu Oil progressed by 75k to close at N47.80k per share.

On the decliners’ log, Ecobank picked the top spot with a fall of 11k to end at N7.89k per share, while Dangote Flour followed with a slump of 10k to wrap the day at N4.20k per share.

Champion Breweries also declined by 10k to close at N2.4k per share and UACN and CCNN lost 9k each to end at N14.40k per share and N4.51k per share respectively.

Modupe Gbadeyanka

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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