Nigerian Stocks Gain N100b in Midweek Trade

October 25, 2017
Nigerian Stocks Gain N100b in Midweek Trade

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) extended its upward trend on Wednesday, increasing by 0.25 percent with the year-to-date return closing at 36.27 percent.

This was mainly boosted by gains recorded Seplat and 22 other equities.

At the close of transactions today, the All-Share Index (ASI) rose by 91.23 points to settle at 36,622.85 points, while the market capitalisation appreciated by N100.3 billion to close at N12.7 trillion.

With more companies releasing their third quarter earnings, investors are reacting positively to the results.

This was reflected in the volume and value of shares transacted at the stock market on Wednesday as investors traded 333 million shares worth N4.7 billion, compared with 199.9 million shares valued at N1.8 billion exchanged on Tuesday.

Business Post reports that banking stocks still remain investors’ delight.

UBA sold 85 million shares worth N795 million, while Zenith Bank traded 43.5 million shares valued at N1.1 billion.

Access Bank sold 41 million shares for N407.9 million, Fidelity Bank transacted 21.6 million shares for N34.7 million, and GTBank exchanged 19 million shares at N800.6 million.

Seplat, which was the highest gainer today, added N10 to its share price to close at N490 per share.

It was followed by GlaxoSmithKline, which increased by N1.20k to finish at N25.20k per share, and NASCON, which advanced by 89k to close at N15.22k per share.

UAC Nigeria appreciated by 87k to end at N18.38k per share, while Dangote Flour rose by 35k to settle at N7.50k per share.

On the flip side, Forte Oil, which topped the losers’ chart today, depreciated by N2.23k to close at N42.42k per share.

Mobil lost N1.85k to settle at N156 per share, and International Breweries fell by N1.72k to end at N54.50k per share.

Cutix declined by 22k to end at N2.13k per share, while University Press slumped by 11k to finish at N2.11k per share.

Modupe Gbadeyanka

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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