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Nigeria’s equity market gains for 3rd straight day with banking stock driving rally

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By Ifeyinwa Ezeokoli 

The Nigerian equities market extended its gains for the third consecutive session as investors’ interest in MTNN (+3.9 per cent) and some banking stocks drove the market higher.

In summary, the All-Share Index (ASI) grew by 241.52 points representing a rise of 0.47 per cent to close at 51,618.73.

Consequently, the month-to-date loss moderated to 2.6 per cent, while the year-to-date return increased to 20.8 per cent.

Similarly, the overall market capitalisation value gained N130 billion to close at N27.828 trillion.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are; MTNN, FBN Holdings, Union Bank of Nigeria, Ardova and Oando.

Analysts at GTI Securities Limited said “Equity market closed positive today,  as investors continue bargain hunting on oversold stocks continues. We expect positive sentiment to continue in the domestic market.”

However, the market breadth closed negative with 22 losers in elative to 18 gainers.

Conoil drove the gainers’ chart in percentage terms with 9.97 per cent to close at N32 per share.

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FBNH followed with 9.78 per cent to close at N10.10 per share.

FTN Cocoa processors gained 9.38 per cent to close at 35k, while Consolidated Hallmark Insurance up by 8.06 per cent to close at 67k per share.

Livestock Feeds appreciated by 6.94 per cent to close at N1.54, while Union Bank gained 6.19 per cent to close at N6 per share.

On the other hand, Ellah Lakes Plc and Academy Press led the losers’ chart in percentage terms by 10 per cent each to close at N3.96 and N1.17 per share.

E-Tranzact International and Presco followed with a decline of 9.84 per cent to close at N2.20 and N165 respectively, while Meyer Plc shed 9.68 per cent to close at N2.52  per share.

Meanwhile, the total volume of trades declined slightly by 2.67 per cent to 223.25 million units, valued at N2.86 billion, and exchanged in 4,028 deals.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 40.13 million shares valued at N10.03 million.

Oando followed with 28.52 million shares worth N168.94 million, while FCMB Group traded 24.45 million shares valued at N85.57 million.

Access Holdings traded 24.09 million shares valued at N229.02 million, while FBNH transacted 12.36 million shares worth N121.77 million.

As of June 23, the Overnight (O/N) rate decreased by 0.13 per cent to close at 14.00 per cent as against the last close of 14.13 per cent, and the Open Repo (OPR) decreased by 0.17 per cent to close at 13.83 per cent as against the last close of 14.00 per cent.

At the I&E FX market, Naira appreciated by 0.08 per cent as the dollar was quoted at N420.17 as against the last close of N420.50. Most participants maintained bids between N412.00 and N444.00 per dollar.

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