Local investors gain N84bn as Nigeria’s stock market rises further

Local investors gain N84bn as Nigeria’s stock market rises further

Investors in the Nigeria’s stock market gained N84bn on Wednesday’s trading session as the market capitalisation of equities listed on the Nigerian Stock Exchange increased to N11.257tn from N11.173tn recorded on Tuesday.

The All Share Index increased by 0.76 per cent to close at 29,970.86 basis points, compared with the 29,746.24 bps recorded on Tuesday.

Price appreciation in Nestlé Nigeria Plc continued while bargain hunting persisted in Dangote Cement Plc and Access Bank Plc.

Activity level weakened as volume and value traded declined by 32.8 per cent and 30.7 per cent to 216 million units and N3.2bn, respectively.

The top traded stocks by volume were Access Bank (39.2 million units), United Bank for Africa Plc (24.2 million units) Lasaco Assurance Plc (20.8 million units), Zenith Bank Plc (16.3 million) and First City Monument Bank Plc (10.9 million) while the top traded stocks by value were Nestlé (N1.5bn), Zenith Bank (N342.5m) Guaranty Trust Bank Plc (N311.6m), Access Bank (N259m) and UBA (N156.9m).

The sector performance was majorly negative as three out of five indices declined.

The oil and gas index shed the most, down by 1.4 per cent due to sell-offs witnessed in Seplat Petroleum Development Company Plc.

Similarly, the industrial goods index declined by 0.4 per cent on the back of major losses recorded in Cement Company of Northern Nigeria Plc.

The banking index dipped by 0.2 per cent due to losses in GTB and Wema Bank Plc.

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