Equity market records 0.50% growth

The Nigeria equity market closed upbeat on Wednesday with the market indicators appreciating by 0.50 per cent, amid price growth posted by Nestlé Nigeria.

Our correspondent reports that the market capitalisation inched by N44 billion or 0.50 per cent to close at N8.765 trillion compared with N8.721 trillion achieved on Tuesday.

Similarly, the All-Share Index improved by 124.70 points or 0.50 per cent to close at 25,331.77 against 25,207.07 posted on Tuesday.

Nestle recorded the highest price gain to lead the gainers’ table, growing by N21.93 to close at N750 per share.

PZ Industries followed with a gain of 64k to close at N14.64 and Guaranty Trust Bank increased by 33k to close at N24.83 per share.

FBN Holdings appreciated by 26k to close at N3.62, while Stanbic IBTC rose by 11k to close at N19.01 per share.

On the other hand, Okomu Oil Palm topped the losers’ chart for the day, shedding N2.63 to close at N49.88 per share.

UACN trailed with a loss of 19k to close at N14.60, while Cadbury lost 16k to close at N9.30 per share.

United Capital shed 10k to close at N2.80, while Honey Well also dropped by 10k to close at 39k per share.

Law Union and Rock Insurance drove the turnover volume exchanging 90 million shares worth N99 million.

It was trailed Diamond Bank with 57.05 million shares valued at N48.31 million, while Zenith international Bank traded 33.58 million shares worth N487.38 million.

Transcorp exchanged 28.38 million shares valued at N25.27 million and FBN Holdings sold 21.93 million shares worth N79.02 million.

Our correspondent reports that the volume of shares traded closed higher with an exchange of 322.29 million valued at N1.53 billion ttansacted in 2,907.

This was against the 254.96 million shares worth N2.45 billion achieved in 2,854 deals on Tuesday.