Expectations for improved second quarter results continued to lift prices of equities at the stock market as the
The market had maintained a bullish trend for three consecutive days before a move by profit-takers caused a marginal decline of 0.004 per cent the previous day.
However, the bulls regained full control yesterday with
Market operators said investors are taking position ahead of the announcement of second quarter results by companies.
"Expectations that companies will declare improved results always influence the demand for stocks. Many discerning investors always buy early before the results are announced in order to lock in profits when the impact of the thus results begin to reflect on the share prices," a stock dealer said.
At the close trading yesterday, 23 stocks appreciated led by
Portland Paints had bounced back into profitability last year after recording a loss in 2012. At the annual general meeting of the company recently, the chairman of the Portland Paints and Products, Mr. Larry Ettah assured shareholders that 2014 would be a better year.
The first quarter results of Portland Paints had already pointed to positive beginning as revenue rose by 18 per cent to N735 million, from N624 million. Profit before tax and after tax soared by 216 per cent from N29.5 million in 2013 to N93.249 million in 2014 and from N20 million to N63.409 million in respectively.
Meanwhile, investors traded 570.824 million shares worth N8.355 billion in 5,224 deals at the stock market yesterday.
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