Market closes slightly in green as May & Baker, other stocks rise
Nigeria’s equities market closed slightly in the green zone on Tuesday, rising by 0.03percent or N7billion as investors raised bet on stocks like May & Baker Nigeria Plc, Cutix Plc, SCOA Plc and Learn Africa Plc.
At the close of trading session on Tuesday, the Nigerian Exchange Limited All-Share Index (ASI) increased further from preceding day low of 47,233.91 points to 47,246.90 points, while the value of listed stocks on the Nigerian Bourse increased from N25.456trillion to N 25.463trillion. The stock market’s year-to-date (YtD) positive return increased further to +10. 61percent.
UACN, Transcorp, Zenith Bank, Fidelity Bank and Access were most traded stock on Tuesday. In 5,992 deals, investors exchanged 421,820,943 units valued at N5.15billion.
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May & Baker Plc stock price increased most by 44kobo or 9.65percent, from N4.56 to N5. It was followed by Cutix Plc which increased by 25kobo or 9.65percent, from N2.59 to N2.84.
SCOA Plc also rallied from N2.35 to N2.58, adding 23kobo or 9.79percent. Learn Africa Plc increased by 22kobo or 10percent, from N2.20 to N2.42 while that of Niger Insurance advanced by 2kobo or 10 percent, from 20kobo to 22kobo.
Market analysts at Lagos-based Vetiva had in their February 21 note anticipated another positive session on Tuesday, though with the possibility of profit-taking activity as market activity centers around select, high-profile names and the measured influx of corporate announcements.