Stock: Market Begins July With N61bn Gain

The Nigerian stock market started July on a positive note on the back of gains recorded by BUA Cement Plc and other blue-chip firms.

The Nigerian Stock Exchange All-Share Index and market capitalisation appreciated by 0.47 per cent at the end of trading on Wednesday.

Market breadth, however, closed negative as the number of losers (22) surpassed that of the gainers (12).

The ASI grew by 115.83 basis points to 24,595.05bps from 24,479.22bps the previous trading session, while the market capitalisation of equities appreciated by N61bn to close at N12.83tn from N12.77tn.

BUA Cement led the gainers’ chart with a gain of N3.30 to close at N42.00 per share on Wednesday.

Cadbury Nigeria Plc followed with 65 kobo to close at N7.40 per share while Lafarge Africa Plc appreciated by five kobo to close at N10.05 per share.

On the other hand, MTN Nigeria Plc led the losers’ chart with a drop of N1.5 to close at N116.00 per share.

Guinness Nigeria Plc followed with a loss of five kobo to close at N14.00 per share while Zenith Bank Plc dropped by four kobo to close at N15.7 per share.

The market turnover closed negative as volume moved down by 29.45 per cent as against the 76.83 per cent increase recorded on Tuesday.