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HomeBusinessNigeria's equity market gains marginally by N3 bln driven by Transcorp rally

Nigeria’s equity market gains marginally by N3 bln driven by Transcorp rally

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By Ifeyinwa Ezeokoli

The local bourse traded with mixed sentiments on Tuesday, as the gain in Transcorp (+9.7 percent) outweighed the loss in Zenith Bank (-0.9 percent).

Consequently, investors gained N3 billion as the market capitalization closed higher at N27.853 trillion.

Also, the All-Share Index rose by 11.54 points, representing a gain of 0.02 percent, to close at 51,138.92.

Accordingly, the month-to-date and year-to-date returns settled at -5.7 percent and -0.2 percent, respectively.

The upturn was impacted by gains recorded in medium and large-cap stocks, amongst which are Nigerian Aviation Handling Company, Nigerian Breweries, Africa Prudential, Eterna, and Flour Mills of Nigeria.

On the market outlook, GTI Securities Limited said “the Nigerian equity market gained marginally yesterday. However, investors are cautious as the market remains uncertain and is striving towards recovery.

Companies Q1 and 2023 performances could be a driver for a positive shift.”

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As measured by market breadth, market sentiment was mixed, with 21 gainers and 21 losers.

Transcorp led the gainers’ chart in percentage terms by 9.73 percent to close at N2.03 per share.

RT Briscoe followed with a gain of 9.09 percent to close at 24 kilowatt-hours, while International Energy Insurance rose by 7.50 percent to close at N1.29 per share.

NAHCO rose by 5.45 percent to close at N11.60, while Africa Prudential appreciated by 4.81 percent to close at N5.45 per share.

On the other hand, Vitafoam led the losers’ chart in percentage terms by 8.65 percent to close at $16.90 per share.

Linkage Assurance followed with a decline of 8.33 percent to close at 44, while Chams Holding Company went down by 8.00 percent to close at 23.50 per share.

Sovereign Trust Insurance lost 6.90 per cent to close at 27k, while Courteville Business Solutions shed 6.67 per cent to close at 42k per share.

The total volume traded increased by 703.18 percent to 1.82 billion, valued at N5.02 billion, exchanged in 4,669 deals.

Transactions in the shares of Transcorp topped the activity chart with 1.60 billion shares valued at N3.09 billion.

Livingtrust Mortgage Bank followed with 69.97 million shares worth N205.05 million, while Fidelity Bank traded 15.97 million shares valued at N82.34 million.

Sterling Bank traded 13.54 million shares valued at N19.89 million, while United Bank for Africa transacted 13.09 million shares worth N102.07 million.

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

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