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HomeBusinessNigeria's equities hit record high on gains in Zenith, Access, GTCO

Nigeria’s equities hit record high on gains in Zenith, Access, GTCO

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By Samuel Bankole

Nigeria’s equities rose 0.51 percent on Tuesday, with the main market index hitting its record level as gains in banking stocks drove the growth.

The result of trading at the Nigerian Exchange Limited (NGX) showed that gains in shares of Zenith Bank, Guaranty Trust Bank Holding Company (GTCO), and Access Corporation lifted the market to close at its highest ever.

The all-share index (ASI), which measures the overall performance of equities, closed at 66,490.34 points, down from 66,151.38 points recorded the previous day.

Shares in Zenith Bank rose 2.29 percent, those of GTCO were up 1.81 percent, and Access Corporation shares rose 3.44 percent to drive the market’s overall performance.

The gains in the banking stock outweigh losses in Nestle, which was down by 5.98 percent, Stanbic IBTC, down by 2.64 percent, and the United Bank for Africa, which closed low by 0.36 percent.

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Consequently, the year-to-date (YTD) return rose to 29.73 percent while the market capitalization rose by 185.52 billion to close at N36.39 trillion.

Analysis of today’s market activities showed transaction turnover settled higher relative to the previous session, with the value of transactions up by 79.14 percent.

A total of 436.96 million shares valued at N7.01 billion were exchanged in 7,932 deals.

The shares of First Bank Holding Company, FBNH, +1.51 percent, led the volume chart with 55.15 million units traded, while Nestle, -5.98 percent, led the value chart with deals worth $1.32 billion.
Market breadth closed positive at a 1.40-to-1 ratio, with advancing issues outnumbering declining ones.

Flour Mills of Nigeria’s +10.00 percent led twenty-seven others on the leader’s log, while Linkassure’s -10.00 percent topped nineteen others on the laggard’s table.

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

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