Home Business Okomu, Presco and others are causing 50,000 crosses in the market

Okomu, Presco and others are causing 50,000 crosses in the market

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Nigeria’s stock market performance index exceeded 50,000 points on Wednesday, May 4, the first trading day of the week after the holiday when investors bought shares of Okomu Oil Palm Plc, Presco Plc, Wema Bank Plc, Nigerian Breweries Plc and Eterna Plc. The positive profitability of the market has increased to 17.35% since the beginning of the year.

Nigerian Exchange Limited (NGX) The All-Share Index (ASI) and market capitalization increased from the previous day’s low of 49,638.94 points and N26.761 trillion respectively to 50,126.41 points and N27.023 trillion, up 0.98% and N262 billion.

Okomu Oil Palm topped the league advanced after its share price rose from N147 to N161.70, rose N14.70 or 10%, followed by Presco, which rose from N143.40 to N157.70, adding N14.30 or 9.97%.

Wema Bank also rose from N3.50 to N3.85, up 35 kaba or 10 per cent, Nigerian breweries rose from N57.10 to N62.80, adding N5.70 or 9.98 per cent, while Eterna Plc rose from a low of N6.02 to N6.62, adding 60 kobas or 9.97 per cent.

Read also: Shares see a slight rise in N2bn as positive sentiment fades

“We expect that the positive sentiment that has prevailed in the market in the last couple of weeks will continue. In our opinion, the positive corporate results in the first quarter (1st quarter) of 2022 should stimulate interest in buying. In addition, tickers in various sectors continue to grow significantly, which could stimulate profitable hunting, ”said Meristem analysts from Lagos.

Although analysts note the possibility of earnings on tickers, which have grown significantly in recent weeks, especially on shares of callers, they, however, believe that the dominant factors will be positive.

“So we expect the market to close in a positive region this week,” added Meristem analysts.

In 7,251 deals, investors exchanged 669,299,199 units worth 5.988 billion. Union Bank, Transcorp, AIICO, Chams and Access Holdings were the most traded stocks on Wednesday.

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