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Nigerian equities kick off the week with 0.71% gains as GTCO, Stanbic IBTC stocks rally.

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By Samuel Bankole

Nigeria Nigerian equities commenced the trading week on an upward trajectory as the primary market index surged by 0.71 percent. Investor attention was directed towards shares of BUA Foods, the holding company of Guaranty Trust Bank (GTCO), and Stanbic IBTC.

The benchmark index concluded the session with a 0.71 percent gain, reaching a settlement of 65,202.41 points. This performance propelled the market into positive territory as trading activities came to a close.

Among the standout performers, shares of BUA Foods exhibited significant growth, recording a gain of 9.29 percent. Following suit, GTCO shares saw a rise of 0.14 percent, while Stanbic IBTC stocks displayed a notable gain of 1.74 percent.

As a result of this positive showing, the year-to-date (YTD) return for the index advanced to 27.22 percent. Additionally, the market capitalization gained 0.71 percent on Monday to close at N35.68 trillion. The market capitalization also extends year-to-date (YTD) growth to 27.83 percent.

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Analyzing the day’s market activities, trade turnover indicated a decline compared to the previous session, with the value of transactions decreasing by 57.50 percent. A total of 231.60 million shares, valued at N3.99 billion, were exchanged through 5,494 deals.

In terms of volume transactions, Transcorp led the way with a notable 36.84 million units traded. On the other hand, MTN Nigeria topped the value chart, accounting for deals worth N1.45 billion.

Market breadth ended on a positive note, with an encouraging 2.78-to-1 ratio of advancing issues outnumbering declining ones.

Among the leaders, BUA Foods’ impressive 9.29 percent gain stood out among the twenty-four others. Conversely, Jaiz Bank led the decliners’ list with a 7.78 percent decrease, joined by eight other entities.

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

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