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Nigeria’s equities close N534 bln up, lifted by gains in MTN, GTCO, others

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By Ifeyinwa Ezeokoli 

Trading activities in the Nigerian stock market on Monday closed positive with a gain of N534 billion to commence trading activities for the week.

Consequently, the market capitalization closed higher at N33.732 trillion.

Anyway, the All-Share Index (ASI) gained 980.97 points, representing a growth of 1.61 percent to close at 61,949.24 points.

Thus, the year-to-date return stood +20.9 per cent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Conoil, MTN Nigeria Communications (MTNN), MRS Oil Nigeria, Guaranty Trust Holding Company (GTCO) and NASCON Allied Industries.

This week, analysts at United Capital Plc said: “we expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.”

“Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market.” Lastly, we expect investors to begin to take positions ahead of the upcoming Q2, 2023 earnings season.

READ ALSO: NGX, CIS, stakeholders honour FCMB founder, Subomi Balogun

As measured by market breadth, market sentiment was positive con 67 gainers in relative to 13 losers.

Eterna, Meyer, Fidelity Bank, Japaul Gold & Ventures, Linkage Assurance and University Press topped the gainers’ chart in percentage terms by 10 percent each to close at N23.10, N2.64, N7.70, 77k, 77k and N2.75 per share, respectively.

Transcorp followed with 9.97 percent to close at N3.86, while Access Holdings rose by 9.94 per cent to close at N18.25 per share.

On the other hand, Triple Gee & Company led the losers’ chart by 9.87 percent, to close at N3.38, while Secure Electronic Technology and Cornerstone Insurance followed with a decline of 9.09 per cent each, to close at 30k and N1 per share, respectively.

Associated Bus Company depreciated by 6.82 per cent to close at 41k, while Julius Berger declined by 3.23 percent to close at N30 per share.

The total volume traded rose by 20.78 percent to 1.21 billion units, valued at N14.04 billion and exchanged in 12,128 deals.

Transactions in the shares of FCMB Group topped the activity chart, with 173.81 million shares valued at N930.69 million.

United Bank for Africa followed with 160.67 million shares worth N2.12 billion, while Access Holdings traded 132.52 million shares valued at N2.38 billion.

Jaiz Bank traded 80.638 million shares worth N138.39 million, while Transcorp sold 74.96 million shares worth N285.25 million.

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

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