Nige­ria stock mar­ket gains 0.29% to start new week

Business Day (Nigeria) - - LIVE @ THE EXCHANGES - Soties by IHEANYI NWACHUKWU

Nige­ria’s stock mar­ket opened the new trad ing week on a pos­i­tive note, gain­ing 0.29 per­cent or N32­bil­lion on Mon­day Au­gust 3. The rally was aided by Flour Mills (+9.97per­cent), BUA Ce­ment (+2.03per­cent), GSK (+8.16per­cent), GT­Bank (+1.56per­cent), and Neimeth (+10per­cent).

Mar­ket watch­ers had ex­pected the out­come of more half-year (H1) 2020 re­sults of listed com­pa­nies to con­tinue to spur mar­ket re­ac­tions.

Flour Mills of Nige­ria Plc, Nige­ria’s lead­ing in­te­grated food busi­ness and agro-al­lied Group, which led the gain­ers list had an­nounced its au­dited 2019/20 fi­nan­cial re­sults, show­ing re­mark­able growths in all three key seg­ments of Food, Agro-al­lied and Sugar. Its pro­posed fi­nal div­i­dend rep­re­sents in­crease of 17per­cent to N1.40 for ev­ery or­di­nary share of 50 kobo.

The Nige­rian Stock Ex­change (NSE) All Share In­dex (ASI) and Mar­ket Cap­i­tal­i­sa­tion ap­pre­ci­ated from 24,693.73 points and N12.882 tril­lion re­spec­tively to 24,766.12 points and N12.919tril­lion. The neg­a­tive year-to-date (Ytd) re­turn mod­er­ated to -7.73per­cent.

“We ex­pect the mar­ket to con­tinue to re­act to some of the earn­ings re­sults that will be posted by other bell­wether stocks in the com­ing week”, Ve­tiva an­a­lysts had said in their Au­gust 3 note.

In 4,718 deals, in­vestors ex­changed 186,481,739 units val­ued at N1.309bil­lion. Transcorp, Cus­to­dian, Gt­bank, FBN Hold­ings and UBA were ac­tively traded stocks.

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