Stock market gains N62bn to halt negative trend

Stock market gains N62bn to halt negative trend

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Nigerian stock market gained N62billion at the close of trading on Thursday June 27, which helped the local Bourse to change from a three-day negative path.

Heavyweights like Nestle, Seplat, and other stocks led the market into the positive zone at the sound of trade closing gong.

The week-to-date (WtD) loss decreased to – 0.34percent, the month-to-date (Mtd) negative return also stood lower at -4.25percent, while the year-to-date (Ytd) negative return moderated to -5.35percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.47percent from 29,609 points to 29,749.35 points. The value of listed stocks increased from N13.047trillion to N13.109trillion.

Nestle Nigeria Plc stock price advanced most by N50 or 3.70percent, from N1350 to N1400.

It was followed by that of Seplat which gained N30 or 6percent, from N500 to N530.

Also, International Breweries Plc stock price rallied from N16.7 to N18.3, adding N1.6 or 9.58percent.

Other big gainers include Cement Company of Northern Nigeria which rallied from N12 to N13.2, adding N1.2 to 10percent; while Dangote Cement Plc moved up from N184 to N185, adding N1 or 0.54percent.

Meanwhile, many investors moved to sell stocks of Nigerian Breweries which crashed the price by N4.5 or 7.26percent.

Nigerian Breweries decreased from N62 to N57.5; followed by that of Forte Oil Plc which declined from N30.4 to N27.4, after losing N3     or 9.87percent.

Okomu Oil Palm Plc declined from N66.6 to N64, losing N2.6 or 3.90percent.

Tanscorp, GTBank, Access Bank, FBNHoldings, and Zenith Bank were actively traded stocks. In 4,187 deals, stock dealers exchanged 301,175,412 units valued at N5.032billion.

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