Nigeria’s stock market sustained gain on Tuesday April 28, thanks to investors who see value in shares of Nestle Nigeria Plc, GTBank Plc, Zenith Bank Plc, Dangote Sugar Refinery Plc and FBN Holdings Plc.
The significant positive movement in these large cap stocks helped the market to defy analysts expectations of a bearish session.
Increased bargains in the counters impacted positively on their prices, leading to
N98billion increase in value of listed stocks on the Nigerian Stock Exchange (NSE).
Nestle led the basket of advancers after its share price moved from day open low of N910 to N920.2, adding N10.2 or 1.12percent.
It was followed by GTBank which increased from N20 to N21 adding N1 or 5percent; while Zenith Bank share price moved from N14.2 to N14.85, up 65kobo or 4.58percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) which tracks the performance of the Bourse increased by 0.49percent from 22,616.28 points to 22,727.87 points on Tuesday April 28.
Unilever Nigeria Plc recorded the highest decline after its share price moved from N11 to N10.5, losing 50kobo or 4.55percent while Lafarge Africa Plc followed after its share price moved from day open high of N11.45 to N11.2, losing 25kobo or 2.18percent.
The market’s negative return year to date stood at -15.33 percent. Also, the value of listed stocks increased by N98billion from N11.786trillion to N11.844trillion.
In 4,259 deals, investors exchanged 266,627,724 units valued at N2.75billion. UBA, FBN Holdings, Access Bank, Zenith Bank and FCMB were actively traded stocks on the Bourse.
Iheanyi Nwachukwu
