Nigerian equities market reverses previous losses, up 2.08%

The Nigerian stocks market closed significantly higher yesterday with a gain of N242 billion, reversing previous trading day’s loss.

In summary, the All Share Index (ASI) was up by 674.27 absolute points, representing an increase of 2.08 per cent, closing at 33,114.44 points. Similarly, the market capitalisation increased by N242 billion to close at N12.089 trillion.

The upturn was aided by the sterling performance of Dangote Cement and 25 other stocks. Analysts at Afrinvest Limited stated that we expect investors to take profits on some of the stocks that advanced yesterday as we maintain our bearish outlook on the market over the near term.”

Market breadth closed positive, with 26 gainers against 20 losers. Law Union & Rock Insurance recorded the highest price gain of 10 per cent, to close at 66 kobo, while Neimeth Pharmaceutical Company followed with a gain of 9.68 per cent to close at 68 kobo per share.

First Aluminium Nigeria gained 8.11 per cent to close at 40 kobo, while and Veritas Kapital Assurance and Wapic Insurance appreciated by 7.69 per cent each to close at 28 kobo and 42 kobo per share, respectively.