Nigeria’s stock market re-routed northwards on Wednesday August 21 as investors rushed to take positions in low-priced value counters.
At the sound of closing gong for the day’s trading, stock investors booked approximately N120billion cumulative gain.
Week-to-date (WtD), the stock market has advanced by 1.59percent, while month-to-date (MtD), the stock market has declined by 1.32percent.
The NSE ASI increased from preceding day low of 27,058.62 points to 27,352.94 points, while the value of listed equities increased from N13.186trillion to N13.306trillion.
Nestle Nigeria Plc recorded the highest gain after its share price moved up from N1121.2 to N1200, adding N78.8 or 7.03percent.
MTNN Plc followed from N132.6 to N136, adding N3.4 or 2.56percent, while Ecobank Transnational Incorporated Plc increased from N6.25 to N6.85, after adding 60kobo or 9.60percent.
In the absence of sell pressure in market’s most capitalised stocks, investors at the Nigerian bourse will continue to scramble for position in fundamentally sound stocks.
As such, market analysts expect the uptrend to continue on Thursday as evidenced in the positive market breadth. The share price of Okomu Oil Plc declined most, from N49 to N44.5, after losing N4.5 or 9.18percent; followed by Forte Oil Plc which decreased from N17 to N15.3, losing N1.7 or 10percent, while International Breweries Plc share price moved downwards from N12 to N11.5, losing 50kobo or 4.17percent.
United Bank for Africa Plc, Access Bank Plc, GTBank Plc, FBN Holdings Plc and Zenith Bank Plc were actively traded stocks. In 3,451 deals, stock dealers exchanged 363,972,805 units valued at N4.515billion.
