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Nigeria stock market rises further by 0.56% as Presco, FBNH, others gain

Stocks shed over N860bn as rate hike effect lingers

The stock market of Africa’s largest economy on Wednesday witnessed another session of bargain hunting which pushed its higher by 0.56percent or N153billion at the close of trading.

Presco led the league of gainers on Wednesday after its share price increased by N16.20 or 9.71percent, from N166.80 to N183.

Investors are buying Presco to qualify for final dividend of N6.60kobo which will be paid on July 28 to shareholders whose names appear on the register of members as at close of business on Friday July 8.

FBN Holdings followed, after rising by 80kobo or 9.52percent, from N8.40 to N9.20. Another major advancer Ellah Lakes moved up from preceding day’s N4 to N4.40, adding 40kobo or 10percent; followed by Livestock Feeds, which rose from N1.32 to N1.44, up by 12kobo or 9.09percent.

Courteville Business Solutions was also among the top gainers on the Nigerian Exchange after its share price rose from 46kobo to 50kobo, adding 4kobo or 8.70percent.

Read also: Dangote Cement, MRS, others reroute stock market northwards

The nation’s stock market’s performance indicators – the All-Share Index and Market Capitalisation –increased to 51,377.21 points and N27.697trillion respectively as against preceding day’s 51,091.75 points and N27.544trillion.

Also, the market’s positive return year-to-date (YtD) increased to 20.28percent. Oando, FCMB Group, UBA, Access Holdings and GTCO were most traded stocks on the Exchange. Equity traders in 4,536 deals exchanged 229,366,382 units valued at N3.196billion.