• Friday, March 29, 2024
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Nigerian stocks hit new high on increasing buy decisions

C& I, Dangote Flour, Chams top advancers’ table as half year beckons

Nigerian stocks reached new highs on Tuesday January 15 as investors moved into Custom Street buying value stocks that are priced low.

Topmost on the bargain hunters list are the shares of the cement maker, Cement Company of Northern Nigeria Plc which led the league of 21 companies that gained as against 13 losers. The year-to-date (YtD) returns currently stands at -4.11percent.

At the sound of closing gong for stock trading on 9th floor of the Nigerian Stock Exchange (NSE), the All Share Index (ASI) increased to 30,137.53 points as against the preceding day close of 29,964.79 points while Market Capitalisation closed at N11.239 trillion as against preceding day close of N11.174 trillion, representing an increase of about N65billion.

The share price of Cement Company of Northern Nigeria Plc gained N2 or 10 percent, from N20 to N22. It was followed by that of Stanbic IBTC Holdings Plc which increased from N46.15 to N47.5, adding N1.35 or 2.93percent; while C& I Leasing Plc stock price increased from N8.29 to N9.04, adding 75kobo or 9.05percent.

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Dangote Sugar Refinery Plc stock price also gained, from N14 to N14.55, adding 55kobo or 3.93percent; while that of Oando Plc rallied from N4.3 to N4.55, adding 25kobo or 5.81percent.

Total Nigeria Plc recorded the biggest loss on Tuesday. The share price of Total declined from a high of N200.2 to N195, losing N5.2 or 2.60percent; followed by Newrest ASL Nigeria Plc which decreased from N7.9 to N7.15, losing 75kobo or 9.49percent.

Guinness Nigeria Plc declined from N65 to N64.75, down by 25kobo or 0.38percent; University Press Plc decreased from N2 to N1.9, losing 10kobo or 5percent; while that of Neimeth Pharmaceuticals Plc lost 6kobo, from 70kobo to 64kobo, thereby losing 8.57percent.

The volume of stocks traded increased by 126.60percent, from 132.40million to 300.03million, while the total value of stocks traded increased by 199.13percent, from N1.086 billion to N3.248 billion in 3,760 deals.

The Financial Services sector led the activity chart with 267.49million shares exchanged for N2.69billion; followed by conglomerates with 8.95million shares traded for N16million. Diamond Bank Plc, GTBank Plc, UBA Plc, FBN Holdings Plc and Zenith Bank Plc were actively traded stocks on the Nigerian Stock Exchange.