The stock market yesterday closed the month of July with a growth of 6.8 per cent, which is the highest monthly appreciation posted so far this year. The 6.8 per cent, which beat the 6.7 per cent growth recorded last April, brought the year-to-date growth of the market as at the end of July to 11.2 per cent.

Market analysts said the 11.2 per cent YTD growth was an encouraging development compared with a decline of 3.8 per cent recorded in the corresponding period of 2011.

The market had ended the month of June with a decline of 2.6 per cent before impressive half-year(H1) results by banks and some other listed firms attracted more patronage to the market in the month of July.

Consequently, the Nigerian Stock Exchange (NSE) All-Share Index, which opened the month of July at 21,599.57 closed at 23,061.38. Similarly, the market capitalisation of equities added N445 billion in the review month.

Many investors have been attracted by the impressive results reported by banks and other firms for the half year(H1) ended June 30, 2012.

Yesterday, Lafarge Cement WAPCO Nigeria Plc whet investors' appetite more with a highly improved H1 performance.

The unaudited result showed a turnover of N46.341 billion in 2012, indicating a growth of 57 per cent above the N29.496 billion posted in the corresponding period of 2011.

Profit before tax rose by 162 per cent from N4.641 billion to N12.184 billion, while profit after tax soared by 176 per cent from N3.194 billion to N8.8 billion.

The share price of Lafarge Cement WAPCO jumped 4.7 per cent or N2.02 to close as the highest price gainer at N44.30 per share.