Zenith Bank, Stanbic IBTC, push Nigerian Stocks Up

 Zenith Bank, Stanbic IBTC, push Nigerian Stocks Up

Zenith Bank, Stanbic IBTC, push Nigerian Stocks Up.

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On Tuesday, the Nigerian stock market gained N171.7 billion, a good start for trade in the new year, even though there are still concerns regarding trade volume, which fell by more than half from Friday.

At the end of trading, the benchmark index climbed by 330.34 basis points to 43,046.78 index points, while market capitalization was N22.5 trillion.

In five weeks, the value of stocks touched its peak due to gains made by BUA Cement and lenders Zenith Bank and Stanbic IBTC Bank. Since the beginning of the year, the index has gained 0.77 percent.

Adding to gains, the Industrial Goods Index gained 2.95 percent, which helped it outperform four other sector indices.

There were 4,080 trades totalling 216.7 million shares worth N1.5 billion.

The market breadth closed on the negative side, with 26 losers outnumbering 18 movers.

 Market analysts expect investors to take profits off the table as the year opens on a mildly bearish note.

In anticipation of upcoming dividend announcements in FY-2021, a number of analysts expect January buying interest to restart in the near future.

Top 5 gainers

Gainers included Academy, which grew by 10% to close at N0.55. Wema Bank rose by 9.72% to close at N0.79. Cornerstone surged by 8.70% to close at N0.50. Neimeth gained 8% to close at N1.89. BUA cement closed at N71.95, up by 7.31%.

Top 5 Losers

Vitafoam led the losers’ table with a 10% decline to close at N20.25. NNFM declined by 10% to close at N7.20. Ardova fell 10% to N11.70.

Chams fell to N0.20, a 9.09% loss. N0.41 closed at Sunu Assurance, a decline of 8.89%.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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