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HomeBusinessGains in Zenith, Geregu, and others lift Nigeria's stock market

Gains in Zenith, Geregu, and others lift Nigeria’s stock market

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By Ifeyinwa Ezeokoli 

Trading in domestic equities opened in the month of June for the fourth consecutive session following bargain hunting at Zenith Bank, Geregu, and Okomu Oil.

Specifically, the capitalisation gained N21 billion to close higher at N30.388 trillion.

Also, the All-Share Index gained 38.97 points, representing a gain of 0.07 percent, to close at 55,808.25.

Accordingly, the year-to-date gain settled at 8.9 percent.

The upturn was driven by price depreciation in large and medium capitalised stocks, amongst which are; Okomu Oil, Presco, TotalEnergies Marketing, Geregu Power, and Conoil.

As measured by market breadth, market sentiment was positive, as 30 stocks gained relative to 20 losers.

Conoil led the gainers’ chart in percentage terms by the 9.92 percent to close at N63.70 per share.

Sterling Financial Holdings Company followed with 9.76 percent to close at N2.25, while Eterna advanced by 9.74 percent to close at N8.45 per share.

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Cornerstone Insurance increased by 8.97 percent to close at 85 kobo, while Mutual Benefits Assurance added 8.33 percent to close at 39 kobo.

On the other side, FTN Cocoa processors led the losers’ chart in percentage terms with 9.88 percent to close at 73k per share.

Champion Breweries followed with 9.62 percent to close at N3.76, while McNichols shed 9.21 percent to close at 69k, per share.

Chams Holding Company lost 8.16 percent to close at 45 kobo, while Fidson Healthcare depreciated by 6.93 percent to close at N9.80 per share.

The total volume traded declined by 41.0 per cent to 390.219 million units valued at N5.73 billion exchanged in 7,725 deals.

Transactions in the shares of Access Holdings led the activity with 51.31 million shares worth N623.82 million.

United Bank for Africa followed with an account of 46.09 million shares valued at N453.14 million, while FTN Cocoa processors traded 37.32 million shares valued at N29.67 million.

Zenith Bank traded 37.16 million shares worth N1.09 billion, while Guaranty Trust Holding Company traded 34.36 million shares worth N993.22 million.

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

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