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HomeBusinessNigeria's equity market continues its gain streak for the 5th day

Nigeria’s equity market continues its gain streak for the 5th day

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By Ifeyinwa Ezeokoli 

The Nigerian equity market closed on a positive note on Thursday, sustaining a five-day bullish trend ahead of Easter celebration. holiday.

The Federal Government has declared Friday, April 15th, and Monday, April 18, as public holidays to mark the Easter celebrations.

Analysts attributed the bullish trend to investors’ positive reactions to MTNN’s PSB license approval amid bargain hunting across tickers with attractive entry points.

The All Share Index increased by 143.07 points or 0.30 per cent to close at  47,510.38 points against 47,367.31 points the previous day.

The market capitalisation of equities listed on the NGX increased to N25.613 trillion from N25.536 trillion as of the previous close.

The total volume traded closed with an exchange of 385.182 million units valued at N4.02 billion traded in 6,212 deals. The market breadth was positive with 21 gainers as against 16 losers.

The NGX 30 Index increased by 0.28 per cent to close at 1,819.84 points as against 1,814.70 points at the previous close.

Market turnover closed with a traded volume of 266.68 million units.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; SFS Real Estate Investment Trust (SFSReit), Dangote Cement, Nigerian Breweries, Julius Berger and Berger Paints.

Analysts at Afrinvest Limited said, “Next week, we expect the market to close positive on improved sentiment.”

Market sentiment, as measured by market breadth, was positive as 21 stocks gained relative to 16 decliners.

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SFSReit led the gainers’ chart in percentage terms by 10 per cent to close at N77 per share.

Meyer followed with 7.38 per cent to close at N1.60, while UPDC Real Estate Investment Trust up by 7.32 per cent to close at 88k per share.

Chams rose by five per cent to close at 21k,  while Linkage Assurance appreciated by 4.08 per cent to close at 51k per share.

On the other hand, Dangote Sugar Refinery led the losers’ chart in percentage terms by 5.09 per cent to close at N15.85 per share.

R.T. Briscoe followed with five per cent to close at 57k, while Africa Prudential depreciated by 4.76 per cent to close at N6 per share.

Union Bank of Nigeria declined by 4.62 per cent to close at N6.20, while Cutix and Red Star Express depreciated by 1.64 per cent each to close at N2.40 and N3, per share respectively.

Meanwhile, the total volume of trades fell by 1.7 per cent to 385.18 million units valued at N4.02 billion and exchanged in 6,212 deals.

This was against 391.89 million shares valued at N9.95 billion traded in 5,419 deals in Wednesday.

Transactions in the shares of Fidelity Bank topped the activity chart with 74.81 million shares valued at N282.52 million.

Sterling Bank followed with 45.53 million shares worth N64.89 million, while Access Holdings traded 33.87 million shares valued at N347.251 million.

Zenith Bank traded 31.09 million shares valued at N777.99 million, while African Alliance Insurance transacted 26.656 million shares worth N5.33 million.

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