• Thursday, February 22, 2024
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BusinessDay

Buy decisions push Nigerian stock market up by 0.14%

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As investors gradually return to the Nigerian stock market after the Christmas and New Year holidays, their buy positions yesterday at the bourse impacted the market positively.

At the close of deals on the trading floor of the Nigerian Stock Exchange (NSE), the All Share Index (ASI) appreciated by 0.14 percent to close at 41,507.30 basis points from 41,450.48 points the preceding trading day.

Also, the market cap closed high at N13.283 trillion as equity dealers in 5,365 deals exchanged 326,057,240 shares valued at N2.912billion.

With an increased demand for most equities which surpassed sell orders, their prices appreciated. Some of such stocks are Dangote Cement plc which rallied most by N4 from an open level of N220 to N224. Also, Guinness Nigeria plc also rallied from N237 to N239.95, adding N2.95.

 Other stocks which investors bought include Nigerian Breweries which rose from N166 to N167.99, after it added N1.99; Union Dicon plc also picked from N12.08 to N13.31, adding N1.23; while Union Bank of Nigeria plc rose from N10 to N10.48, adding N0.48.

This comes as analysts say they are ‘overweight’ on financials subsector of the stock market, as they expect the basket to lead gains this week.

On the laggards side, Nestle Nigeria plc led after its share price dropped from N1,182 to N1,170, down by N12; while Forte Oil plc followed with a N2.64 declined from N92.64 to N90. Oando plc also declined from N26.66 to N24.07, losing N2.59; while CAP plc declined from N48.45 to N46.70, losing N1.75. Zenith Bank plc dropped from N25.10 to N24.21, losing N0.89.

Most traded equities yesterday include NEM Insurance plc, UBA plc, Japaul Oil plc, Ecobank Transnational Incorporated plc, and Unity Bank plc.

By: Iheanyi Nwachukwu