NSE: Stock Market Shakes Off Downtrend, Gains 0.39%
By Modupe Gbadeyanka
The Nigerian bourse finished strong for the first time this week on Wednesday despite having higher number of losers than gainers.
While 10 equities appreciated on the floor of the Nigerian Stock Exchange (NSE) today, 14 stocks recorded losses.
The major market indices closed in the green territory, giving investors a strong confidence that the positive trend would be sustained tomorrow.
Business Post correspondent reports that the market capitalisation went up by N34 billion to close at N8.7 trillion, while the all-share index improved by 98.09 points or 0.39 percent to end at 25,130.26 points.
The bullish trend was also witnessed in the activity chart with investors trading 17,052,608 million shares more than what was achieved the previous day.
A total of 162 million shares were exchanged on Wednesday in 4,216 deals valued at N1.8 billion in contrast to 145 million units bought and sold on Tuesday in 2,868 deals worth N1.9 billion.
Forte Oil led the gainers’ chart today, growing by N5.80k to finish at N62.50k per share.
It was followed by Nigerian Breweries, which increased by N4.68k to end at N117.50k per share and Beta Glass, which came third growing by N1.73k to close at N36.45k per share.
Also, Dangote Cement went up 99k to end at N169 per share, while UCAP improved by 15k to finish at N3.70k per share.
On the other hand, Guinness emerged the biggest loser, declining by N3.8k to finish at N60.92k per share.
CAP went down by 83k to close at N29.60k per share, while GTBank weakened by 49k to end at N23.80k per share.
Also, Air Service depreciated by 14k to finish at N2.73k per share and Zenith Bank fell by 13k to close at N15.1k per share.
Zenith Bank and Sterling Bank were investors’ toast at the market today with the former exchanging 48.5 million shares at N727.6 million, while the latter accounted for 26 million units traded at N18.2 million.