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Investors hopeful of economic rebound as stock market gains N490b

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[FILES] Nigerian Stock Exchange (NSE)

Expectations of improved economic outlook, ahead of the 2019 inauguration ceremony yesterday, spurred activities on the equity sector of the Nigerian stock Exchange yesterday (NSE), as the bellwethers recorded price appreciation, causing investors wealth to soar significantly by whooping N490 billion.

At the close of transactions Tuesday, the All-Share Index (ASI) gained 1,112.29 absolute points, representing a growth of 3.68 per cent to close at 31,307.00 points. Similarly, market capitalisation gained N490 billion to close at N13.789 trillion.

The upturn was significantly impacted by value appreciation recorded in some medium and large capitalised stocks, amongst which were; Nestle Nigeria, Seplat Petroleum Development Company (Seplat), Dangote Cement, MTN Nigeria, and Nigerian Breweries.

Analysts at APT Securities and Funds Limited, said: “The market rebounded at the end of yesterday’s trades as anticipated. We therefore advise for medium to long term positioning on stocks that are fundamentally justified and have shed weight significantly, as the market will most likely take off along the green region in anticipation of positive economic reforms, which is expected to have an ample effect on the equity market and the economy at large.”

Market breadth was positive, with 30 gainers versus six losers. Ecobank Transnational Incorporated (ETI) recorded the highest price gain of 10 per cent to close at N12.10 per share. United Bank for Africa (UBA) followed with 9.65 per cent to close at N6.25, while Courteville Business Solutions gained 9.52 per cent to close at 23 kobo, per share.

Access Bank added 9.48 per cent to close at N6.35, and UAC of Nigeria 9.45 per cent to close at N6.95, per share.
On the other hand, Eterna led the losers’ chart with 8.75 per cent to close at N3.65 per share. PZ Cussons Nigeria followed with 4.71 per cent to close at N8.10, while Nigerian Aviation Handling Company (Nahco) shed 3.64 per cent, to close at N3.18, per share.

Flour Mills Nigeria dropped 2.91 per cent to close at N13.35, while Fidelity Bank shed 1.12 per cent to close at N1.77, per share.

Total volume traded rose 132.31 per cent to 344.31 million shares, worth N7.27 billion, traded in 4,456 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart 67.12 million shares worth N2.14 billion. Zenith Bank followed with account of 52.1 million shares valued at N1.04 billion, while FBN Holdings traded 44.68 million shares at N322.19 million.

Access Bank traded 41.77 million shares valued at N256.46 million, while UBA sold 20.28 million shares worth N123.51 million.


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