Stock market upbeat with 0.03% growth

Key indices of the Nigerian Exchange (NGX) recorded marginal growth on Wednesday, thereby stretching the positive sentiment to four consecutive trading sessions.

The positive out-turn was due to bargain hunters’ buying interest in both the industrial and banking sectors.

Specifically, the All-Share Index inched higher by 9.84 points or 0.03 per cent to close at 38,927.83 from 38,917.99 on Tuesday.

Accordingly, month-to-fate and year-to-date returns stood at 1.0 per cent and 3.3 per cent, respectively.

Also, the market capitalisation rose by N5 billion or 0.03 per cent to close at N20.281 trillion against N20.276 trillion posted on Tuesday.

The positive performance of the market was driven by price appreciation in large and medium capitalised stocks amongst which are; Presco, Cutix, Acess Bank, Vitafoam Nigeria and Lafarge Africa.

Analysts at Afrinvest Ltd. said, “In the next trading session, we expect a positive performance in the market, as investors continue to engage in bargain hunting activities.”

However, the market closed negative with 19 losers as against 16 gainers.

Cutix led the gainers’ chart in percentage terms with 10 per cent to close at N5.50 per share.

Veritas Kapital Assurance followed with a gain 8.70 per cent to close at 25k, while Tripple Gee went up by 7.78 per cent to close at 97k per share.


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