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Nigeria’s stock market gains N50bn as more investors buy

The stock market of Africa’s largest economy maintained its upward trend on Thursday August 13 as more investors continued to bargain-hunt some value counters despite pockets of profit taking activities by short term players.

Investors booked about N50billion gain, thanks to stocks like Nigerian Breweries, MTNN and others alike seen favoured on the buy side of market.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed higher by 0.38 percent to 25,236.97 points as against preceding trading day low of 25,141.48 points.

The market’s negative return year-to-date (YtD) printed lower at -5.98 percent. The value of listed stocks on the Bourse increased from N13.115trillion to N13.165trillion, up by N50billion.

Nigerian Breweries Plc recorded the highest gain after its share moved up from N34 to N36, adding N2 or 5.88percent. It was followed by MTNN Plc which increased from day open low of N118.5 to N119.5, adding N1 or 0.84 percent.

Also on the top advancers list is Unilever Nigeria Plc which moved up from N12 to N13, after adding N1 or 8.33 percent.

Likewise, Stanbic IBTC Holdings Plc increased from N33 to N33.8, up by 80kobo or 2.42 percent and Flour Mills Nigeria Plc which rose from N19.4 to N19.85, adding 45kobo or 2.32 percent.

Equities traders in 3,640 deals exchanged 258,081,869 units valued at N1.678billion. Transcorp, Zenith Bank, Chams, GTBank and FBN Holdings were actively traded stocks on the Bourse.

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