Stocks see slight gain of N2bn as positive sentiment fades

Nigeria’s equities market witnessed slight increase by 0.01percent or N2billion on Wednesday as record positive sentiment on the Bourse begins to fade.

At the close of trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from 48,568.57 points and N26.183trillion respectively to 48,571.75 points and N26.185trillion.

Academy Press Plc led the advancers’ league after its share price increased from N1.21 to N1.33, up by 12kobo or 9.92percent, followed by Wema Bank Plc which rose from N3.34 to N3.67, after adding 33kobo or 9.88percent.

Also, Cadbury Nigeria Plc rose from N7.75 to N8.50, up 75kobo or 9.68percent; UPDC Plc moved up from 88kobo to 96kobo, gaining 8kobo or 9.09percent; while Presco Plc was up from N132 to N143.85, adding N11.85 or 8.98percent.

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In 5,033 deals, investors exchanged 246,703,657 units valued at N2.320billion. Actively traded stocks include Multiverse Mining And Exploration Plc, Transcorp Plc, Lafarge Africa, Fidelity Bank Plc and GTCO Plc.

“As seen in today (Wednesday) market breadth, the positive sentiment has started to wane as investors take profit from previous gainers, especially in the banking sector. We are likely to see similar trading pattern tomorrow (Thursday) given the market’s recent rally,” Lagos-based Vetiva analysts said in their Wednesday note to investors.