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Stock Market Rises By N100bn

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The domestic stock market yesterday sustained the bullish momentum with N100 billion gain, following bargain hunting in MTN Nigeria Communications (MTNN) and

The All-Share Index grew by 184.42 absolute points, representing a growth of 0.35 per cent to close at 53,270.88 points. Similarly, the overall market capitalisation value gained N100 billion to close at N28.719 trillion.The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; MTNN, UAC of Nigeria , GlaxoSmithKline Consumer Nigeria , Global Spectrum Energy Services and Nigerian Exchange Group .

Analysts at GTI Securities Limited said: “the stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.” As measured by market breadth, market sentiment was positive, as 16 stocks gained relative to 15 losers. Global Spectrum Energy Services recorded the highest price gain of 10 per cent to close at N2.75, per share. Jaiz Bank followed with a gain 7.95 per cent to close at 95 kobo, while Japaul Gold and Ventures went up by 6.67 per cent to close at 32 kobo, per share.

Glaxosmith rose by 5.11 per cent to close at N7.20, while UACN gained 4.55 per cent to close at N11.50, per share. On the other hand, Cutix led the losers’ chart by 10 per cent to close at N2.61, per share. Cadbury Nigeria followed with a decline of 5.93 per cent to close at N16.65, while FTN Cocoa processors lost 5.56 per cent to close at 34 kobo, per share.

 

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