Leadership (Abuja)

Nigeria: Stock Market Sustains Bullish Rally

Transactions on the floor of the Nigerian Stock Exchange (NSE) continued in an upward trend yesterday, as investors' wealth appreciated by N221 billion in 3-trading days following price gains recorded by most blue chip stocks.

Consequently, the All-share Index of the NSE rose by 692.09 points or 2.5 per cent from 26,822.09 recorded when the market re-opened on Monday to 27,514.18 yesterday, while market capitalisation soared by N221 billion, from N8,570 trillion to N8,791 trillion.

According to market operators, investors' renewed confidence in the stock market, was the expectations that a combination of market making process and the federal government debt relief to some dealing members would boost capital appreciation.

According to them, the recent pronouncement by the federal government to bailout the market has continued to impact positively on the stock market which has eventually led to an increase of investors' confidence in the stock market.

At the close of transactions yesterday, 31 stocks appreciated in price, led by Airservice with 9.73 per cent to close at N3.27 per share followed by Sterling Bank with 8.70 per cent to close at N1.73 per share.

National Salt Company of Nigeria added 6.60 per cent to close at N6.62 per share. FBN Holding gained 5.64 per cent to close at N16.48 per share. Other gainers in yesterday's transactions include; Nestle, Fidson, Oando, adding 5.18, 5.00 and 4.94 per cent to close at N710.00,N1.05 and N12.74 per share.

Cement Company of Northern Nigeria added 4.84 per cent to close at N5.41 per share, while UACN and Eternaoil garnered 4.71 and 4.62 per cent to close at N43.99 and N1.81 per share respectively.

However, 19 stocks depreciated in price, Custodian and Allied insurance topped the losers' chart with 5.71 per cent to close at N1.32 per share, while West African Portland Company followed with 5 per cent to close at N0.57 per share.

EvansMedical lost 4.81 per cent to close at N0.99 per share. NPFMCRF bank shed 4.55 per cent to close at N1.05 per share. Livestock and Japauloil dropped 3.45 to close at N1.40 and N0.56 per share respectively.

Cadbury dropped 3.23 per cent to close at N28.50 per share . RT Briscoe lost 2.82 per cent to close at N1.38 per share.

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