Trading Floor of the Nigerian Stock Exchange, Lagos

Stock market boosts investor confidence, appreciates by N13bn

Isola Moses | ConsumerConnect

The Nigerian Stock Exchange (NSE) market capitalisation closed positive Wednesday, June 3 growing by N13 billion, amid increased investors confidence in equities market.

Report indicates that the nation’s Capital market which opened at N13.241 trillion increased by N13 billion or 0.10 percent to close at N13.254 trillion.

Likewise, the All-Share Index (ASI) further gained 24.53 points or 0.10 percent to close at 25,407.96 compared with 25,383.43 achieved Tuesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, among which are Presco, MTN Nigeria, Stanbic IBTC Holdings, Ecobank Transnational Incorporated and Skyway Aviation Handling Company, according to the News Agency of Nigeria.

The uptrend movement of funds to the stock market was occasioned by low yield in money market instruments, said Mr. Ambrose Omordion, Chief Operating Officer (COO) at InvestData Limited.

Omordion though said that the market would likely experience mixed trend in the days to come due to profit-taking.

He stated that “we expect the mixed trend to continue, despite profit-taking, as investors positioning reveals confidence among the market players.”

Neimeth International Pharmaceuticals, for the second consecutive day, led the gainers’ table in percentage terms, appreciating by 9.70 percent to close at N1.47, per share.

Skyway Aviation Handling followed with 9.66 percent to close at N2.27, while Presco increased by 9.04 percent to close at N45.25 per share.

Japaul Oil grew by 8.33 percent to close at 26k, while Lasaco Assurance appreciated by eight percent to close at 27k per share.

Equally, PZ Cussons led the losers’ chart in percentage terms, dropping by 9.43 percent, to close at N4.80 per share.

C & I Leasing followed with a loss of 9.35 percent to close at N4.85, while Afromedia dipped 8.70 percent to close at 21k per share.

Cornerstone Insurance and UACN shed 8.33 percent each to close at 55k and N7.70 per share, respectively.

The report added that transactions in the shares of FBN Holdings topped the activity chart with an exchange of 50.29 million shares valued at N277.26 million.

Nigerian Breweries came second with 45.93 million shares worth N2.02 billion, while Guaranty Trust Bank accounted for 42.39 million shares valued at N1.06 billion.

Japaul Oil sold 23.10 million shares worth N5.99 million, while Zenith Bank transacted 21.79 million shares valued at N373.02 million.

The total volume of shares traded dipped 6.49 percent to 353.33 million shares valued at N7.04 billion exchanged in 4,659 deals.

This was in contrast with 377.88 million shares worth N6.06 billion transacted in 4,585 deals Tuesday, June 2, added the report.

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