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Market Sustains Uptrend As Seplat, Vitafoam, Livestock Top Gainers

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The Nigerian stock market sustained uptrend, yesterday boosted by an appreciation made in 13 stocks of which are Seplat, Vitafoam and Livestock.

In summary, lead indicator, NSE-ASI gained 108.97 absolute points, representing a growth of 0.39 per cent to close at 28,034.32 points. Similarly, the market capitalization gained N37 billion to close at N9.629 trillion.

Stock market analysts said the uptrend was sustained on positive sentiment for companies’ third results.

According to them, the performance will be influenced this week by investors’ expectations of earnings which they will remain conservative on, as they expect resilient performance in the Banking sector and weak numbers from Consumer and Industrial Goods companies.

UBA yesterday released its nine month results for the period ended September 30, 2016 with gross earnings and profit after tax increased by 8.2 per cent and 7.6 per cent respectively.

Market breadth closed negative with 13 gainers and 21 losers Seplat led the gainers table by 5 per cent to close at N367.51 per share. Vitafoam followed with a gain of 4.91 per cent to close at N2.78, while Livestock appreciated by 4.88 per cent to close at 86 kobo per share.

Also, Transcorp went up by 3.96 per cent to close at N1.05 and Zenith Bank rose by 3.37 per cent to close at N15,04 per share.

On the other hand, Fidson led the laggards’ table by 4.82 per cent to close at N1.58 per share. Guinness trailed with a loss of 4.80 per cent to close at N76, while Neimeth declined by 4.65 per cent to close at 82 kobo per share.

Aiico Insurance declined by 4.62 per cent to close at 62 kobo, while Caverton shed by 4.11 per cent to close at 70 kobo per share.

Meanwhile, the total volume traded went up by 36.59 per cent to 234.19 million shares, valued at N2.72 billion, and traded in 3,335 deals. Transactions in the shares of UBA topped the activity chart with 83.06 million shares valued at N346.24 million. Zenith Bank followed with 18.95 million shares worth N282.46  million, while Guaranty Trust Bank traded 12.72 million shares valued at N303.44 million.


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