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Bull sustains its run on Nigeria’s stock market with N138 bln addition to cap

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By Ifeyinwa Ezeokoli

For the third consecutive session, the Nigerian stock market on Tuesday maintained the bull run, bringing the overall capitalization up by N138 billion on sustained buying interest in Stanbic IBTC Holdings and 32 others.

As a result, the month-to-date and year-to-date returns increased to +0.4 percent and +2.7 percent, respectively.

The All-Share Index gained by 252.06 points, representing a growth of 0.48 percent, to close at 52,621.19.

Accordingly, the market capitalization rose by N138 billion to close at N28.653 trillion.

The upturn was impacted by gains recorded in medium- and large-capitalized stocks, amongst which are Stanbic IBTC Holdings, PZ Cussons, Unilever, FBN Holdings, and Zenith Bank.

Analysts at GTI Securities Limited said, “Stock trading activities progressed positively for yesterday after commencing the week strong.

Swaying sentiments could, however, occur in the near future as investors wait on the result of the ongoing Monetary Policy Committee (MPC) meeting to decide on the future portfolio mix.”

As measured by market breadth, market sentiment was positive, as 33 stocks gained relative to 15 losers.

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Transcorp recorded the highest price gain of 9.85 percent to close at N2.90 per share.

Tripple Gee & Company followed with a gain of 9.83 percent to close at N3.24, while Unilever Nigeria rose by 9.70 percent to close at N14.70 per share.

University Press went up by 9.63 percent to close at N2.05 71, while Chams Holding Company appreciated by 9.38 percent to close at 35k per share.

On the other hand, Chellarams led the losers’ chart by 9.94 percent to close at N1.63 per share.

Sunu Assurance followed with a decline of 9.43 percent to close at 48 kobo, while C & I Leasing declined by 8.83 percent to close at N3.20 per share.

Japaul Gold & Ventures depreciated by 5.71 percent to close at 33k, and Cadbury declined by 5.48 percent to close at N16.40 per share.

The total volume traded increased by 11.2 percent to 350.974 million units, valued at N5.17 billion, exchanged in 5,946 deals.

Transactions in the shares of United Bank for Africa topped the activity chart with 62.45 million shares valued at N511.06 million.

Zenith Bank followed with 58.99 million shares worth N1.58 billion, while Guaranty Trust Holding Company traded 31.71 million shares valued at N875.11 million.

Access Holdings traded 19.48 million shares valued at N203.08 million, while Transcorp sold 17.80 million shares worth N50.10 million.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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