…As Neimeth, Skye Bank, others lead gainers

By Chinwendu Obienyi

The Nigerian stock market entered its 11th successive gain buoyed by strong 2.19 rebound by the industrial and the banking sector as the All Share Index rose by 0.54 per cent to close at 33,695.83 points.

Investors positive sentiment attributed to Skye Bank’s announcement on Tuesday of a fresh recapitalisation programme, submission of 2016 earnings to the Central Bank of Nigeria (CBN) and the recovery of bad loans amounting up to N6 billion.

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The market capitalisation increased by 0.43 per cent to close at N11.6 trillion as 25 stocks advanced and 19 others declined.  Neimeth led the gainers, increasing by 9.52 per cent to close at 0.92 kobo, Skye Bank followed with an appreciation of 9.52 per cent to close at 0.69 kobo while WAPCO rose by 5.00 per cent to close at N54.60 per share.

On the flipside, 7up depreciated by -4.99 per cent to close at N90.21 to lead the laggards. Vitafoam fell by -4.83 per cent to close at N2.56 while AGLevent decreased by -4.00 per cent to close at 0.72 kobo pershare.

The day’s main volume drivers showed that Prestige traded 26.76 million shares worth N13.38 billion while GTB and Transcorp transacted 18.75 and 15.84 million shares valued at N692.36 million and N23.88 million respectively.

Overall, transactions yielded a total of 191.43 million units of shares worth over N2.18 billion in 3,718 deals.