Market Rises by 0.20% as LivingTrust Mortgage Bank, Caverton, Others Witness Increased Bargain

Editor/

Increased bargain seen in stocks like International Breweries Plc, Pharms-Deko, Living Trust Mortgage Bank, Caverton Offshore Support Group and other low priced but value counters helped the Nigeria’s stock market to open the new week on a positive note.

The stock market rose by 0.20 percent and investors gained about N53 billion at the close of trading session yesterday, as equity traders in 3,262 deals exchanged 76,748,829 shares valued at N1.325 billion.

Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from 49,316.29 points and N26.861 trillion to 49,414.96 points and N26.914 trillion.

The month-to-date (MtD) positive return rose to 3.68percent as market’s mixed trading sessions favoured the bulls. Year-to-date (YtD), the stock market has risen by 15.68percent.

International Breweries Plc led the advancers after its share price rose from N4.30 to N4.55, adding 25 kobo or 5.81percent. It was followed by Pharma-Deko which rose from N2 to N2.10, after adding 10kobo or 5percent, and Living Trust Mortgage Bank which increased from N1.43 to N1.50, after adding 7 kobo or 4.90 percent.

GTCO, UBA, Chams, Consolidated Hallmark Insurance, and Zenith Bank were top-5 traded stocks on the Exchange.

“While, we expect some profit taking this week, we anticipate another positive week-on-week (w/w) close on the back of positive activity in some of the heavyweights,” Vetiva analysts said in their December 19 note.