Stock Market Sustains Bullish Trend on Thursday

• Stock Market Sustains Bullish Trend on Thursday

The Nigerian Stock Exchange (NSE) grew by N77 billion on Thursday as market sentiment remained positive.

The NSE All-Share Index rose by 148.07 basis points or 0.71 percent from 20,925.19 bps recorded on Wednesday to close at 21,073.26bps. While the market capitalisation of listed stocks gained N77 billion or 0.71 per cent to close at N10.982 trillion, up from N10.905 trillion recorded on Wednesday.

The bourse has erased about 21 percent of its market value this year as market uncertainty and risk associated with emerging market economies remain high. The Federal Government on Thursday passed the revised budget to the National Assembly for approval as Africa’s largest economy continues to adjust to plunge in revenue generation and weak oil prices.

Also, the rising number of coronavirus remain a concern given the nation’s poor healthcare sector.

Meanwhile, investors traded a total share of 3646.4 million in 4,660 transactions during the trading hours of Thursday.

A total of 25 stocks closed in the green while only eight closed in the red.

Top gainers were ETI Plc and Ikeja Hotel Plc with a gain of 10 per cent each to close at N4.40 and 99 kobo per share respectively. Wema Bank Plc followed with a gain of 9.80 per cent to close at 56 kobo per share while Wapco Plc added 9.77 per cent to close at N11.80 per share.

Accordingly, Union Dicon Plc and Skyway Aviation Company Plc led the price losers’ table, dropping 10 per cent each to close at 27 kobo and N2.16 per share respectively. ARDOVA Plc followed with 9.64 per cent to close at N11.25 per share while GSK Plc trailed with a loss of 9.38 per cent to close at N4.35 per share.