17 May 2017

Nigeria: Stock Market Sustains Gain With Fresh N101billion

Lagos — The Nigerian stock market sustained upward trend on Wednesday as investors in the market gained N101 billion at the end of trading.

The positive trend was significantly impacted by gains recorded in some large and medium capitalized stocks numbering 25 against 13 declining stocks and 13 others that closed the session with unchanged prices.

The market value consequently soared by 1.05 per cent and market capitalisation closed higher at N9.645 trillion while the NSE All-Share Index (ASI) added 490.77 points to closed at 27,900.44 basis points after fluctuating between 28,423.70, 27,927.99 and 27,513.69 as highest, average and lowest index points.

However, the turnover for the session declined, compared to the previous session as volume and value traded plunged by 34.74 per cent and 91.41 per cent respectively.

The gainers were led by Nestle Nigeria Plc, gaining N24.94k to close at N825.05k per share; Nigerian Breweries Plc followed with N3 gain to close at N148 per share while Guaranty Trust Bank Plc added N1.20k to its price and closed at N30.7k per share.

Conversely, the losers' chart was topped by Stanbic IBTC Plc with a decline of 50k to close at N26 per share.

Union Bank of Nigeria Plc shed 15k and Zenith Bank Plc depreciated by 11k to close at N5 and N17.10k per share respectively.

The trading session recorded 371.46 million shares valued at N3.491 billion in 3,910 deals as against 569.18 million shares worth N6.682 billion traded in 4,632 transactions in the previous session.

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