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Stock market resumes optimistic trading, indicators record 0.12 pct growth

By Jide Ajia

Equity trading on floor of Nigeria  Stock Exchange (NSE), commenced the week on positive note with major market indicators recording marginal growth of 0.12 per cent at close of trading for the day.

Although, investors mood remained cautious in spite of continued drop in inflation rate with June figure eased at 16.1 per cent as against 16.25 per cent in previous month, the fifth straight drop.

Specifically, the market capitalisation grew by N14 billion or 0.12 per cent to close at N11.477 trillion compared with N11.463 trillion achieved at close of work last week.

In the same vein, trading opened with an All-Share Index of 33,261.66 before it rose by 39.77 points or 0.12 per cent to close at 33,301.43.

An analysis of the price movement table showed that 7UP recorded the highest price gain to lead the gainers’ table for the day, gaining N5.72 to close at N94.95 per share.

It was trailed by Forte Oil with N4.33 to close at N60.50 and Unilever shares appreciated by N3.38 to close at N36.38 per share, Nigerian Breweries gained N3.36 to close at N157.38, while Flour Mills added N1.25 to end the market at N26.25 per share.

Conversely, International Breweries topped the losers’ chart, dropping by N1.46 to close at N30 per share. Also on the losing chart were PZ with a loss of 85k to close at N20.65 and Oando was down by 75k to end the market at N6.83 per share, NASCON shed 47k to close at N9.03 , while Dangote Sugar declined by 34k to close at N8.66 per share.

Similarly, the volume of shares traded on the floor of stock exchange closed on a higher note as investors bought and sold 322.81 million shares valued at N2.73 billion exchanged in 3,830 deals as against 311.61 million shares worth N3.27 billion transacted in 3,113 deals on at close of trade last week.

At the close of trading for the day, Niger Insurance recorded the highest volume of shares, trading 150.05 million shares worth N75.03 million; FBN Holdings came second with a total of 35.97 million shares valued at N213.76 million, while FCMB Group exchanged 14.85 million shares worth N17.95 million, United Bank for Africa sold 14.18 million shares valued at N125.23 million and Flour Mills traded 12.26 million shares worth N320.38 million.

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