• Friday, December 08, 2023
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Stock market rallies on blue chips gain


The Nigerian stock market yesterday rose further by 1.75 percent as investors decided to favoured equities in their portfolio management.

At the close of trading on the Nigerian Stock Exchange (NSE), the All Share Index (ASI) rose from 37,822.99 points to 38,486.07 points; while equities market cap appreciated to N12.295trillion from N12.084trillion the preceding trading day.

This feat was achieved as equity dealers exchanged 359,134,218 shares valued at N4.746billion in 6,743 deals. Deals in Zenith Bank plc, Access Bank plc, UBA plc, Unity Bank plc, and Transnational Corporation boosted the volume of transaction recorded yesterday on the Nigerian bourse. Equity investors buy decision was more visible in largely capitalised stocks like Nestle Nigeria plc, Dangote Cement plc, Guinness Nigeria plc, Flourmills plc, and Nigerian Breweries plc. Demand for these stocks pushed their prices further high.

For instance, the share price of Nestle Nigeria plc rose from N1, 010 to N1, 070, after adding N60; followed by Dangote Cement plc which rose from N191.72 to N196.26, adding N4.54.

Guinness Nigeria plc rose from N276 to N280, adding N4; Flour Mills of Nigeria plc gained N3.60, after rising from N88.40 to N92; while Nigerian Breweries plc rose from N175 to N177.20, adding N2.20.

On the laggards’ chart, Okomu Oil Palm plc led after its share price declined from N43.10 to N41.99, losing N1.11. Portland Paint plc dipped from N5.90 to N5.31, after shedding N0.59.

UACN plc declined from N58 to N57.41, losing N0.59. MCNichols plc dropped from N2.04 to N1.84, losing N0.20; while John Holt plc declined from N1.60 to N1.44, after it lost N0.16.