Stock Market Begins March With N70bn Gain

The nation’s stock market started the month on a positive note on the back of price appreciation recorded by UAC of Nigeria Plc and 11 other firms.

Investors in the market had recorded a total loss of N1.37tn in February as market capitalisation tumbled below N21tn amid profit-taking.

The Nigerian Stock Exchange All-Share Index closed at 39,799 basis points in February from 42,412 bps at the end of January, while the market capitalisation of equities tumbled to N20.82tn from N22.19tn.

The ASI, however, rose by 0.33 per cent to close at 39,931.63 basis points on Monday, the first trading day in March, while the market capitalisation increased by N70bn to N20.89tn.

A total of 543.99 million shares valued at N1.89tn were traded in 4,673 deals at the end of trading on the floor of the NSE.

UACN, which led the gainers, saw its share price appreciate by 6.67 per cent to close at N18.

BUA Cement Plc increased by 3.82 per cent to N74.75 per share while Neimeth International Pharmaceuticals Plc gained 2.73 per cent to close at N1.88 per share.

Champion Breweries Plc lost 9.92 per cent to close at N2.27 per share, while PZ Cussons Nigeria Plc shed 9.43 per cent to close at N4.80 per share.

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