Trading activities at the Nigerian Exchange Limited on Thursday, recorded a marginal increase with 0.10 per cent progress by benchmark index, which extends uptrend in the market to its third day.
This was attributed to investors’ interest in banks’ stocks, which constituted more than a third of the overall gain, with Zenith leading the pack. Consumer goods like Vitafoam and Unilever significantly contributed.
The banking Index, the highest mover of the five sector indexes tracked by the exchange, strengthened 0.52 per cent to 358.44 index points, touching its peak in almost a fortnight.
Analysts at Afrinvest see traders’ effort to reap profit capping the week’s gain on Friday.
“In the last trading session of the week, we suspect that profit-taking may dominate the local bourse,” the investment bank said.
The market posted a positive breadth as 19 gainers emerged against 15 losers. The 71 other stocks that traded in Thursday’s session saw no movement in price.
The all-share index was up by 39.15 basis points at 39,210.10, just as market capitalisation expanded by N20.4 billion to N20.437 trillion.