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Stock Market Recovers As Investors Gain N2.8b


By Modupe Gbadeyanka

Investors in the Nigerian capital market (equities category) recorded a gain of N2.8 billion after having had to endure four days of straight losses.

The major market indicators at the Nigerian Stock Exchange (NSE) finished in the green zone, boosting the confidence of investors.

The market had a marginal gain of 0.03 percent, with 18 stocks appreciating in value at the close of activities compared to 20 equities, which recorded losses.

The top decliners on Wednesday were Dangote Cement, which lost N4 to close at N154                per share; International Breweries, which fell by 57k to finish at N18.42k per share; NASCON, which dropped 34k to end at N6.66k per share; Forte Oil, which slumped by 14k to finish at N53.71k per share; and UAC Property, which went down by 12k to close at N2.34k per share.

The all-share index today appreciated by 0.03 percent or 8.21 absolute points to end at 25,241.63 absolute points, while the market capitalisation improved by N2.8 billion to finish the day at N8.689 trillion.

Also, a total of 414.2 million shares were exchanged at the market on Wednesday in 2,567 deals valued at N3.4 billion.

Just like the previous day, Mobil led the gainers’ chart going up by N24.78k to close at N266.67k per share, while Total followed with an appreciation of N4.5k to finish at N258.90k per share. In the same vein, Nigerian Breweries went up by N2 to end at N145 per share, Beta Glass rose by N1.57k to finish at N33.7k per share and Cadbury grabbed N1.2k to close at N11.7k per share.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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