Stock market sees first gain this week

Nigeria’s equities market recorded its first positive close this week, rising by N338billion as investors further positioned for interim dividend in reaction to banks half year (H1) scorecards.

This is also in addition to renewed interest in consumer goods stocks like NASCON and Dangote Sugar Refinery ahead of their planned merger.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding day’s lows of 66,760.2 points and N36.538trillion respectively to 67,378.88 points and N36.876trillion.

Investors resumed bargain hunting for these stocks that have lost value in recent sessions due to activities of profit-takers. In 8,404 deals, investors exchanged 569,626,853 shares worth N8.697billion.

Shares of Oando, Access Corporation, Fidelity Bank, Transcorp and UBA were most actively traded on the Nigerian Exchange Limited.

Nahco led the group of gainers after its share price rose from N21.50 to N23.65, up by N2.15 or 10percent. It was followed by United Capital which increased from N15 to N16.50, up by N1.50 or 10 percent.

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Dangote Sugar Refinery share price moved from preceding day’s low of N52 to N57.20, adding N5.20 or 10 percent, while NASCON rallied from N47 to N51.70, up by N4.70 or 10percent. Transcorp also went up, from N6.01 to N6.61, adding 60kobo or 9.98percent.

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