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Nigerian equities extend rally as Dangote Sugar, Transcorp, and United Capital drive gains

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By Samuel Bankole

The Nigerian equities market sustained its positive momentum on Wednesday for the third consecutive day this week, buoyed by upward movements in Dangote Sugar, Transcorp, and United Capital shares, which outweighed losses experienced in certain banking stocks.

Shares of Dangote Sugar surged by 6.95 percent, while Transcorp saw a rise of 7.14 percent. Transcorp Hotels marked a notable gain of 8.99 percent, and United Capital experienced a more modest uptick of 0.35 percent.

As a result, the All Share Index (ASI) posted a slight uptick of 0.01 percent, closing at 65,492.92 points, compared with the previous day’s closing figure of 65,488.67 points.

The aggregate market capitalization of listed equities on the Nigerian Exchange Group (NGX) also saw an increase, rising from N35.842 trillion to N35.845 trillion.

The ASI’s year-to-date (YTD) return surged to 27.79 percent, mirroring the broader positive sentiment, and the year-to-date gain in market capitalization amounted to 28.41 percent.

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Market activity analysis indicated a slightly lower trade turnover compared to the previous session, with transaction value receding by 1.80 percent.

A total of 348.32 million shares, with an estimated value of N4.05 billion, exchanged hands in 6,237 deals. Transcorp, recording a 7.14 percent increase, led both the volume and value charts with 144.71 million units traded, valued at N682.61 million.

However, the market breadth concluded in a negative trend with a ratio of 1.27-to-1, signifying a greater number of declining issues compared to advancing ones.

CONOIL experienced a 10.00 percent decrease, heading a group of eighteen (18) others on the laggard’s list, while TRANSCOHOT recorded a substantial 8.99 percent surge, leading fourteen (14) others on the leader’s table.

Market turnover registered a traded volume of 229.23 million units. Noteworthy gainers included Transcorp Hotels and Transcorp, while key losers featured Nigerian Breweries and Fidelity Bank.

Nigerian Breweries’ shares dipped by 2.48 percent, Fidelity Bank experienced a 2.10 percent decrease, GTCO fell by 1.78 percent, FBN Holdings slipped 1.64 percent, and FCMB declined by 1.36 percent.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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