Demutualisation: Nigerian stock market grows by N128bn

The nation’s bourse on Wednesday overcame its negative posture growing by N128 billion following bargain buying in Dangote Cement and Nestle as well as news of the approval of demutualisation.

Consequently, the month-to-date and year-to-date losses moderated to 2.2 per cent and 3.3 per cent, respectively. Omordion said bargain hunters were taking advantage of relatively low equity prices to increase their stake in the market. Champion Breweries followed with 8.91 per cent to close at N2.20, while Neimeth International Pharmaceuticals rose by 8.85 per cent to close at N2.09 per share.

Eterna followed with a loss of 9.94 per cent to close at N4.62, while Conoil dropped 9.79 per cent to close at N17.05 per share. This was in contrast with 489.98 million shares valued at N6.65 billion exchanged in 4,616 deals on Tuesday.

Who care it’s not those stupid leaders spending it all.

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