Dangote Cement, Julius Berger, Nestle, 34 Others Push Stock Market Up By 1.88%

By Nse Anthony-Uko
(Sundiata Finance) – The Nigerian equity market, yesterday gained 1.88 per cent extending uptrend to two trading sessions on gains recorded majorly by Dangote Cement, Julius Berger and Nestle Nigeria.
The All Share Index (ASI) gained 612.54 absolute points, representing a growth of 1.88 per cent to close at 33,269.84 points. Similarly, the market capitalisation gained N212 billion, to close at N11.505 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Julius Berger Nestle Nigeria, Nigerian Breweries, International Breweries, UBA, Stanbic IBTC, FCMB Groups, among others.
Analysts at Afrinvest Limited noted that, “Whilst we believe that the equities market will continue to ride on the positive macroeconomic developments in the economy, improved flexibility in the administration of forex and anticipated strong second quarter earnings, we do not rule out the possibility of some end of the week profit taking.”
Market breadth was positive, with 37 gainers versus 14 losers. PZ Industries recorded the highest price gain of 9.90 per cent, to close at N22.97 per share. Diamond Bank followed with a gain of 8.33 per cent to close at N1.30, while UBA appreciated by 5.22 per cent to close at N9.46 per share.
Diamond Bank went up by five per cent to close at N13.65 and Stanbic IBTC rose by 4.98 per cent to close at N32.44 per share.
On the other hand, May and Baker led the losers’ chart by 4.88 per cent, to close at N4.29 per share. Livestock followed with a decline of 4.76 per cent, to close at N1, while Skye Bank went down by 4.69 per cent to close at 61 kobo per share.
Transnational Express depreciated by 4.60 per cent to close at 83 kobo and Jaiz Bank declined by 4.29 per cent to close at 67 kobo per share.
Also, the total volume traded appreciated by 13.7 per cent to 439.23 million shares, worth N4.81 billion, and traded in 4,595 deals. Transactions in the shares of Transcorp topped the activity chart with 58.04 million shares valued at N102.51 million. Zenith Bank followed with 47.68 million shares worth N1.07 billion, while Skye Bank traded 39.77 million shares valued at N32.01 million.
FBN Holdings traded 27.61 million shares valued at N182.94 million, while Diamond Bank sold 27.38 million shares worth N35.09 million.

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