Stock market opens H2 on a positive note

Nigeria stock market gained on Wednesday July 1, thereby opening the second-half (H2) of the year on a positive note.

The positive close was driven by increased bargain hunting in favour of stocks like BUA Cement Plc, Cadbury Nigeria Plc, and Lafarge Africa Plc.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.47 percent to 24,595.05 points at the close of the remote trading session, from preceding day low of 24,479.22 points.

Stocks value rose by N61billion to N12.830trillion as against N12.769trillion recorded on Tuesday.

The record stock market’s negative return year-to-date (YtD) stood lower at -8.37 percent. In 3,772 deals, stock dealers exchanged 198,011,937 units valued at
N1.036billion.

Among other gainers, BUA Cement Plc recorded the highest rally after its price moved from N38.7 to N42, up by N3.3 or 8.53percent.

Cadbury followed after moving from N6.75 to N7.4, up by 65kobo or 9.63 percent. Lafarge also advanced from N10 to N10.5, up by 50kobo or 5percent.

Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery, however, fears of a surging coronavirus infections capped the gains.

Brent crude was up 13 cents, or 0.3 percent, at $41.40 a barrel at 1236 GMT, and U.S. crude was up 14 cents, or 0.4percent, at $39.41 a barrel. Both contracts rose $1 earlier in the session.