Stock Investors Gain N62bn On Thursday

• Stock Investors Gain N62bn On Thursday

The Nigerian Stock Exchange closed higher on Thursday following weeks of losses.

The market capitalisation of listed equities grew by N62 billion from the N13.048 trillion recorded on Wednesday to N13.110 trillion on Thursday.

Similarly, the All-Share Index gained 140.35 points or 0.47 per cent to close at 29,748.35, up from 29,609.90 it closes on Wednesday.

The upsurge was impacted by the gains recorded in medium and large capitalised stocks like Nestle Nigeria, Seplat Petroleum Development Company (Seplat), International Breweries, Cement Company of Northern Nigeria and Dangote Cement.

Experts at APT Securities and Funds Limited said: “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”

While analysts at Cordros Capital stated that, “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst.”

The total volume of shares traded declined by 23.57 percent to 301.18 million shares valued at N5.03 billion in 4,187 deals.

This was lower than the 394.06 million shares worth N3.27 billion in 3,377 deals on Wednesday.