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Stock market records N128bn profit, Nestle, Dangote emerge top gainers

The stock exchange  market posted a positive performance at the close of trade as market capitalisation advanced by N127.9 billion to close at N20.4 trillion due to bargain hunting in Dangote Cement (+3.6 per cent), Nestle (+1.9 per cent) and Nigerian Breweries (+1 per cent).

The All-share index rose 63 basis points (bps) to 38,931.25 points while the year-to-date loss improved to -3.3 per cent.

Trading activity waned as volume and value declined by 34.1 per cent and 31 per cent respectively to 323.2 million units and N4.6bn.

Performance across sectors was mixed as three of the six indices under review recorded gains.

Investor sentiment as measured by market breadth strengthened to 1.1x from the 0.6x recorded previously as 23 stocks advanced against 21 decliners.

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