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HomeBusinessBargain hunters drive up local bourse by N154 bln as Dangote Cement,...

Bargain hunters drive up local bourse by N154 bln as Dangote Cement, MTN gain

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By Ifeyinwa Ezeokoli 

The Nigerian stock market on Wednesday sustained the uptrend as the value of investors’ investment in the local bourse grew by N154 billion.

Specifically, the market capitalisation gained N154 billion to close at N27.698 trillion on Wednesday.

Also, the All-Share Index (ASI) grew by 285.46 points or 0.11 per cent to close at 51,377.21 points.

Accordingly, the month-to-date loss moderated to 3.0 per cent, while the year-to-date returns increased to 20.3 per cent.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are; Presco, Dangote Cement, BUA Foods, MTN Nigeria Communications (MTNN) and Flour Mills of Nigeria.

GTI Securities Limited said that the “Equity market closed positive due to investors’ increased bargain hunt oversold medium and large scale stocks such as Presco, FBN Holdings, MTNN, and others.

“However, we expect bargain hunting to resume in the domestic market.”

There are speculations that a major institutional investor is scouting for the shares of FBN Holdings and may take over the chunk of the holding company of First Bank Limited on the stock market.

Market breadth closed positive with 18 gainers versus 16 losers.

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Ellah Lakes led the gainers’ chart in percentage terms by 10 per cent to close at N4.40 per share.

Presco followed with a gain of 9.71 per cent to close at N183, while FBNH appreciated by 9.52 per cent to close at N9.20 per share.

Livestock Feeds went up by 9.09 per cent to close at N1.44, while Courteville Business Solutions appreciated by 8.70 per cent to close at 50k per share.

On the other hand, Northern Nigeria Flour Mills (NNFM) led the losers’ chart in percentage terms by 9.91 per cent to close at N9.55 per share.

John Holt Nigeria followed with 9.86 per cent to close at 64k, while Computer Warehouse Group (CWG) dipped by 9.09 per cent to close at 80k per share.

Consolidated Hallmark Insurance lost 8.82 per cent to close at 62k, while GlaxoSmithKline shed 6.25 per cent to close at N6 per share.

Also, the total volume traded rose 37.37 per cent to 229.366 million shares, worth N3.19 billion, and traded in 4,536 deals.

Transactions in the shares of Oando topped the activity chart with 34.46 million shares valued at N184.98 million.

FCMB Group followed with 26.199 million shares worth N91.68 million, while United Bank for Africa (UBA) traded 26.02 million shares valued at N194.05 million.

Access Holdings traded 22.77 million shares valued at N216.29 million, while Guaranty Trust Holding Company (GTCO) transacted 15.828 million shares worth N332.39 million

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