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HomeBusiness NewsNigerian equities rally as key stocks propel main index higher

Nigerian equities rally as key stocks propel main index higher

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By Samuel Bankole

Nigeria’s stock market rebounded on Friday, propelled by gains in the shares of key companies including Dangote Cement, MTN Nigeria, and Access Corporation.

The main market index, the All-Share Index (ASI), closed 0.46 percent stronger at 64,743.96 points, marking a positive turnaround from the previous day’s performance.

Shares of heavyweight firms such as MTN Nigeria, which rose by 0.22 percent, Dangote Cement with a 2.89 percent increase, and Access Corporation, which gained 1.80 percent, contributed to the positive momentum that lifted the broader index.

While this session’s rally offered relief to investors, the overall weekly performance remained subdued, with the All-Share index closing 0.89 percent lower week-on-week.

Airtel Africa’s 5.30 percent weekly loss, along with MTN Nigeria’s 1.75 percent decline and BUA Cement’s 2.83 percent dip, offset gains by Dangote Cement (2.89 percent), BUA Foods (4.40 percent), and Dangote Sugar (6.06 percent).

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As a result, the year-to-date return for the All-Share index eased to 26.33 percent, and the market capitalization experienced a weekly decline of N137.62 billion to reach N35.43 trillion.

Trading activity for the day showed an increase in turnover compared to the previous session, with the value of transactions rising by 151.91 percent. A total of 537.58 million shares, valued at N9.39 billion, exchanged hands in 5,893 deals.

Leading the volume and value charts was First Bank Nigeria Limited Holding Company (FBNH), which gained 0.80 percent. The stock witnessed the trading of 242.85 million units in deals worth N4.70 billion.

Market breadth ended negative, with declining issues outnumbering advancing ones at a ratio of 2.70-to-1. Among the stocks, Champion recorded the largest decline of 8.24 percent, while UPL led the gainers’ list with an increase of 6.67 percent.

Investor sentiment remains a key factor in the Nigerian equities market, with market participants monitoring fluctuations and key developments closely.

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

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