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HomeBusinessFCMB, UBA, others lead Nigeria's equity market to third consecutive rally

FCMB, UBA, others lead Nigeria’s equity market to third consecutive rally

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By Samuel Bankole

The Nigerian equity market sustained its gaining streak for the third consecutive day with the N23 billion increase in value on the back of gains by FCMB, UBA and other stocks.

FCMB Group rallied by 6.06 per cent to lead the gainer’s chart followed by United Bank for Africa (UBA), which gained 3.42 per cent.

Other gainers include Flour Mills with 3.41 per cent, Access Corporation with 2.31 per cent and Lafarge Africa rising by 1.84 per cent.

UBA had reported a 12.6 per cent increase in its half-year profit before tax, attracting interest from investors taking position in the lender’s share.

Flour Mills also informed the market of its plans to raise N200 billion in additional capital.

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The All Share Index (ASI) also gained marginally by 0.09 per cent to close at 49,695.12 points.

The market capitalisation of equities listed on the NGX increased to N26.805 trillion from N26.782 trillion as on the previous close.

The total volume traded closed with an exchange of 319.085 million units valued at N1.86 billion traded in 3,335 deals.

However, the market breadth was negative with 10 gainers as against 16 losers.

The NGX 30 Index marginally increased by 0.07 per cent to close at 1,772.48 points as against 1,771.20 points at the previous close.

Market turnover closed with a traded volume of 272.74 million units.

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