Investors in the Nigerian stock market, yesterday gained N6 billion from their investment in shares.
NSE-ASI gained 16.05 absolute points, representing an appreciation of 0.06 per cent to close at 28,263.16 points. Similarly, the market capitalization gained N6 billion to close at N9.709 trillion.
The upturn was strongly impacted by price appreciation recorded in some large capitalized stocks amongst which are, Flour Mills, Cadbury Nigeria, Total Nigeria, Nigerian Breweries and Dangote Cement.
Analysts noted, “Following yesterday weak volume traded and outlook, we expect some profit taken by investors in the trading sessions today.”
Analyzing market for the week, analysts at United Capital said, “This week, with be mixed, albeit with a bearish bias as investors are likely to lock-in profits from earlier positions.”
Market breadth closed negative with 16 gainers and 23 losers. Flourmill led the gainers table by 4.99 per cent each to close at N21.04 per share. Cadbury followed with a gain of 4.95 per cent to close at N16.53, while Skye Up appreciated by 4.76 per cent to close at 66 kobo.
Champion Breweries went up by 4 per cent to close at N2.60, while Law union advanced by 3.64 per cent to close at 57 kobo per share.
On the other hand, Beta Glass led the laggards’ table by 9.71 per cent to close at N31.51 per share. Caverton trailed with a loss of 9.52 per cent to close at 95 kobo, while Conoil declined by 8.24 per cent to close at N39 per share.
Also, Oando declined by 4.93 per cent to close at N5.59, while Livestock shed by 4.40 per cent to close at 87 kobo per share.
Meanwhile, the total volume traded declined by 5.77 per cent to 249.77 million shares, valued at N1.96 billion, and traded in 3,170 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 52.01 million shares valued at N46.81 million. Diamond Bank followed with 28.33 million shares worth N34 million, while Access Bank traded 28.23 million shares valued at N156.71 million.
FCMB traded 28.17 million shares worth N28.95 and UBA transacted 15.29 million shares valued at N65 million.