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HomeBusinessNigeria's equities edge up by 13 bps as Tier-1 banks drive Gains

Nigeria’s equities edge up by 13 bps as Tier-1 banks drive Gains

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By Samuel Bankole

Kicking off the trading week, the local bourse saw a modest uptick, gaining 13 basis points to settle at 99,665.05 points, recovering from losses incurred in the prior week.

Notably, investor interest surged in Tier-1 banking stocks such as ZENITH BANK (+6.76%), GTCO (+9.55%), and UBA (+0.66%), offsetting bearish sentiment in ACCESSCORP (-1.18%), STANBIC (-5.86%), and FIDELITY BANK (-6.18%).

Consequently, the year-to-date (YTD) return climbed to 33.29%, with market capitalization adding N70.87 billion to close at N56.37 trillion.

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An in-depth analysis of today’s market activities revealed a slight decline in trade turnover compared to the previous session, with transaction value decreasing by 1.81%.

A total of 306.62 million shares valued at N5.30 billion changed hands in 8,298 deals. GTCO (+9.55%) dominated both the volume and value charts, with 50.16 million units traded, amounting to N1.77 billion.

Market breadth ended on a negative note, with declining issues outnumbering advancing ones at a ratio of 0.83-to-1. PRESTIGE (-9.84%) led seventeen other laggards, while JAPAULGOLD (+9.58%) topped the list of fourteen gainers.

As market participants navigate through fluctuations, the buoyancy in Tier-1 banking stocks underscores resilience amid broader market dynamics.

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

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