Market continues its upward trend with ASI up by 1.11%

The Nigerian stock market on Thursday stopped a four-day losing streak with an 1.11 percent gain.

The upturn was largely boosted by value appreciation recorded in some largely capitalised stocks from Mobil Oil Plc, 7Up Bottling Company Plc, Dangote Cement Plc, Lafarge Africa Plc, and Guaranty Bank Plc.

The market’s lead indicator – the All-Share Index (ASI) appreciated by 283.49 points, representing a gain of 1.11 per cent to close at 25,755.18 points as against 25,471.69 on Wednesday. Similarly, the market capitalisation gained about N9 trillion to close at N8.911 trillion as against N8.813 trillion the preceding day.

Mobil Oil Plc recorded the highest price gain of N12.72 to close at N360 per share. 7-Up Bottling Company Plc followed with a gain of N 9.01 to close at N104.9 from N95.89 while Dangote Cement Plc appreciated by N3.5 percent to close at N164.6 per share from N161.1.

Lafarge Africa Plc rose by N 2.38 to close at N50, from N 47.62 per share; while Guaranty Bank Plc gained  0.5 percent to close at N25 per share from N24.5.

On the losers table, Conoil Plc led the losers’ chart by N1.75, to close at N 33.25 per share from N35 per share; followed by Nigeria Breweries Plc. They lost 17 kobo  to close at N 124.63 from N124.8 per share. Access Bank Plc also lost 13 kobo to close at N6.28 per share from N6.41.

International Breweries  Plc share price depreciated by 11 kobo to close at N15.89; while  Red Star Express Plc declined by 11 kobo to close at N4.3per share, from  N4.41 the preceding day.
Total volume of stocks traded was 241.62 million shares, valued at N1.48 billion exchanged in 3,339 deals.

Transactions in the shares of First Bank of Nigeria Plc topped the activity chart with 63.67 million shares valued at N197.33 million. Fidelity Bank Plc followed with 43.63 million shares worth N34.79 million. United Capital Plc followed with 23.89 million shares worth N 69.89 million. Zenith Bank Plc traded a total of 15.3 million shares valued at N221.76 million. Lastly, CILeasing traded a total of 15 million shares valued at N8 million.