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Stock Market Ends Losses, Appreciates by N166bn



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  • Stock Market Ends Losses, Appreciates by N166bn

The Nigerian stock market, on Wednesday, halted a seven-day bearish trend after the Nigerian Stock Exchange market capitalisation (equities) appreciated by N166bn.

The equities capitalisation rose to N15.133tn from N14.967bn recorded on Tuesday.

At the close of trading, the NSE All-Share Index rose by 1.1 per cent to close at 42,171.80 from 41,708.15 basis points while year-to-date return improved to 10.3 per cent.

The positive performance could be largely attributed to buying interest in banking and consumer goods stocks with Zenith Bank Plc, United Bank for Africa Plc and Nestle Nigeria Plc shares appreciating by five per cent, 6.3 per cent and 1.9 per cent, accordingly.

Activity level improved as volume and value traded advanced by 10.7 per cent and 28.1 per cent to 520.743 million units and N4.718bn, respectively.

Sector performance was largely positive as four of the five major indices soared. The banking index recorded the highest gain, rising by 2.7 per cent on renewed interest in banking stocks –and spurred by appreciations in Zenith Bank, UBA and Access Bank Plc.

In the same vein, price rise in the shares of AXA Mansard Insurance Plc, Wapic Insurance Plc, Nestle Nigeria Plc and Nigerian Breweries Plc by four per cent, 4.9 per cent, 1.9 per cent and 0.9 per cent, respectively, boosted the insurance and consumer goods indices by 1.3 per cent and one per cent, respectively.

The industrial goods index trailed, appreciating by 0.2 per cent following gains in Beta Glass Nigeria Plc and Berger Paints Nigeria Plc, which rose by 4.9 per cent and 4.8 per cent, respectively. However, the oil/gas sector emerged as the only loser, sliding by 0.3 per cent.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.