Nigeria: Stock Market Ends Four-Day Decline, Gains N22bn

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The gains recorded by Nestle Nigeria Plc, Cadbury Nigeria Plc and eight other quoted companies helped the nation’s stock market to halt its four-day losing streak.

The Nigerian Stock Exchange All-Share Index and market capitalisation rose by 0.17 per cent to close the trading session on a positive note as the bulls regained control in the market.

The ASI gained 42.01 basis points to close at 24,972.89bps as against the 24,930.88bps recorded the previous day.

The market capitalisation of equities appreciated by N22bn to close at N13.03tn from N13.01tn as market sentiment turned positive.

A turnover of 265.96 million shares was traded by investors in 3.564 deals on Wednesday.

The premium subsector was the most active (measured by turnover volume), with 64.39 million shares traded by investors in 1,210 deals.

Volume in the subsector was largely driven by activities in the shares of FBN Holdings Plc and Access Bank Plc.

The banking subsector was boosted by activities in the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc, with a turnover of 51.49 million shares in 485 deals.

However, market breath closed negative as the number of gainers at the close of trading session was 10 while losers were 24.

Nestle Nigeria Plc led the gainers’ table with a gain of 10 per cent to close at N1,094.54 per share while Cadbury Nigeria Plc followed with a gain of 6.67 per cent to close at N8.00 per share.

Flour Mills of Nigeria Plc appreciated by 4.35 per cent to close at N20.40 per share.

On the other hand, Seplat Petroleum Development Company Plc led the losers’ table, dropping by 9.99 per cent to close at N428.80 per share.

— Punch

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