• Sunday, June 16, 2024
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Stocks gain N14bn as investors hunt for bargain

Stock market drops by 2.71% week-on-week

The stock market of Africa’s largest economy routed slightly northward on Wednesday as investors bought shares of companies seen priced cheaper than usual.

BUA Cement Plc led on the advancers list, after its share price moved from N50.45 to N52, up by N1.55 or 3.07percent. It was followed by Ardova Plc which increased from N12.80 to N13.75, up by 95kobo or 7.42 percent; and Jaiz Bank Plc which rose from 74kobo to 76kobo, up by 2kobo or 2.70percent.

Read also: Market rout persists as investors brace up ahead of MPC

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation appreciated by 0.02percent or N14billion, from preceding day’s lows of 49,161.45 points and N26.517trillion to 49,171.7 points and N26.531trillion. Also, the market’s positive return year-to-date (YtD) increased to +15.11percent.

Investors in 3,981 deals exchanged 101,569,060 shares valued at N1.197billion. GTCO, Zenith Bank, FBN Holdings, Transcorp and Chams were top-5 traded stocks on the Nigerian Exchange.