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Market Digest Nigeria

Business

19 Stocks Drive 0.15% Market Gain

Market Digest Nigeria NSE

At the close of trading on Wednesday, the Nigerian Stock Exchange All-Share Index gained 0.15 per cent to close at 35,358.57 basis points as 19 stocks appreciated. Thus, the year-to-date return advanced to 31.57 per cent. In addition to 18 stocks that declined, the volume of transactions and market turnover declined by 53.02 per cent and 72.56 per cent, respectively. The market had recorded a decline on Tuesday.

C & I Leasing Plc led the gainers’ chart, advancing further by 9.50 per cent to close at N1.96. It was followed by Nascon Industries Plc, which closed at N12.62 indicating a gain of 4.99 per cent.

Also on the gainers’ chart were Vitafoam Nigeria Plc, UAC Property Development Company Plc, Caverton Offshore Support Group Plc, which soared by

4.78 per cent, 4.78 per cent and 4.59 per cent, accordingly. However, MRS Oil Nigeria Plc was the worst performing stock, shedding 4.97 per cent of its value to close at N30.39. The company was followed by Continental Reinsurance Plc, Learn Africa Plc, Unity Bank Plc and Dangote Sugar Refinery Plc, which plunged by 4.67 per cent, 3.80 per cent, 3.51 per cent and 3.30 per cent, respectively.

The NSE indices showed that the banking, oil/gas and food/beverage indices gained 0.58 per cent, 0.20 per cent and 0.03 per cent, respectively.

On the flip side, the NSE industrial goods and NSE insurance indices shed 0.001 per cent and 0.60 per cent, apiece.

“The gain recorded in the equities market on Wednesday can be attributed to investors taking advantage of the relatively low prices of the market heavyweights which witnessed days of consecutive declines. We expect the current positive sentiments to linger in the coming days,” analysts at Meristem Securities said in a post.

 

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