Stock market halts bearish run with N11bn gain
Nigeria’s stock market on Thursday failed to sustain previous days bearish pattern as investors moved to buy up attractive counters despite pockets of profit-taking on some counters.
The market increased by 0.06percent, which helped to moderate the record negative return year-to-date (YtD) to – 3.47percent.
Thanks to NAHCO Plc stock price which moved up most, from N3.20 to N3.52, adding 32kobo or 10percent, while Sovereign Trust Insurance Plc led the losers league, after it dropped from 24kobo to 23kobo, shedding 1kobo or 4.17percent.
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The market gained N11billion at the close of trading session. This week alone, the market has decreased by 0.18 percent, while this month it has declined by 0.88percent.
Mutual Benefit, United Capital, GTCO, Zenith Bank and Transcorp were actively traded stocks on Thursday. In 2,990 deals, investors exchanged 125,796,689 shares valued at N1.266billion.
The Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation increased from preceding trading day’s lows of 38,852.69 points and N20.242trillion to 38,874.13 points and N20.253trillion.
This post was written by Iheanyi Nwachukwu and was first published at businessday.ng