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Nigeria’s stock market gains N2bn as investors buy attractive counters

Nigeria’s stock market

The stock market of Africa’s largest economy stopped record loss trend on Tuesday August 18 as investors moved in to buy attractive counters. A good number of fundamentally sound stocks are currently trading at lower bands, making analysts expect investors to see value in them despite the high volatility in the market amidst global uncertainties. This month, the market has increased by 1.79 percent.

At the close of trading session, the market’s negative return year-to-date (YtD) decreased to -6.35 percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.02 percent to 25,136.49 points from preceding day low of 25,132.67 points.

The market’s positive close was driven by stocks like Dangote Sugar Refinery Plc which moved up most from N12.3 to N12.6, after adding 30kobo, up 2.44percent.

Flour Mill also increased from N18.3 to N18.5 adding 20kobo or 1.09percent; while UBA followed by increasing from day open low of N6.5 to N6.65, up by 15kobo.

The value of listed stocks rose by N2billion to N13.112trillion from a low of N13.110trillion recorded the preceding trading day.

In 3,693 deals, investors exchanged 271,001,986 units valued at N2.460billion. Zenith Bank, GTBank, Lasaco, Access Bank and Transcorp were actively traded stocks on Tuesday.