Stock market gains N62bn to halt negative trend

Nigerian stock market gained N62billion at the close of trading on Thursday June 27, which helped the local Bourse to change from a three-day negative path.

Heavyweights like Nestle, Seplat, and other stocks led the market into the positive zone at the sound of trade closing gong.

The week-to-date (WtD) loss decreased to – 0.34percent, the month-to-date (Mtd) negative return also stood lower at -4.25percent, while the year-to-date (Ytd) negative return moderated to -5.35percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.47percent from 29,609 points to 29,749.35 points. The value of listed stocks increased from N13.047trillion to N13.109trillion.

Nestle Nigeria Plc stock price advanced most by N50 or 3.70percent, from N1350 to N1400.

It was followed by that of Seplat which gained N30 or 6percent, from N500 to N530.

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Also, International Breweries Plc stock price rallied from N16.7 to N18.3, adding N1.6 or 9.58percent.

Other big gainers include Cement Company of Northern Nigeria which rallied from N12 to N13.2, adding N1.2 to 10percent; while Dangote Cement Plc moved up from N184 to N185, adding N1 or 0.54percent.

Meanwhile, many investors moved to sell stocks of Nigerian Breweries which crashed the price by N4.5 or 7.26percent.

Nigerian Breweries decreased from N62 to N57.5; followed by that of Forte Oil Plc which declined from N30.4 to N27.4, after losing N3 or 9.87percent.

Okomu Oil Palm Plc declined from N66.6 to N64, losing N2.6 or 3.90percent.

Tanscorp, GTBank, Access Bank, FBNHoldings, and Zenith Bank were actively traded stocks. In 4,187 deals, stock dealers exchanged 301,175,412 units valued at N5.032billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.