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HomeBusinessNigeria's equity market gains N62 bln on bargains hunting on bellwether stocks

Nigeria’s equity market gains N62 bln on bargains hunting on bellwether stocks

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By Ifeyinwa Ezeokoli

Trading activities in the local bourse resumed the week on a positive note following investors’ bargains on mid- and large-cap stocks.

The stocks are Nigerian Breweries (+3.9 percent) and some tier-1 banking names: GTCO, Zenith Bank, and Access Corporation.

Consequently, the month-to-date and year-to-date returns printed +0.3 percent and +2.6 percent, respectively.

The All-Share Index (ASI) gained 114.21 points, representing a growth of 0.22 percent, to close at 52,579.52.

Also, market capitalization rose by N62 billion to close at N28.630 trillion.

The upturn was impacted by gains recorded in medium- and large-capitalized stocks, amongst which are Nigerian Breweries, Nigerian Exchange Group, Ardova Plc, Stanbic IBTC Holdings, and Guaranty Trust Holding Company (GTCO).

This week, United Capital Plc said “bullish sentiments will persist in the market as investors continue to take advantage of the impressive Q1 2023 earnings season. However, we note that there may be pockets of profit-taking activities among investors.”

As measured by market breadth, market sentiment was positive, with 29 stocks gained relative to 27 losers.

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Multiverse Mining and Exploration led the gainers’ chart in percentage terms with 10 percent to close at N3.41 per share.

Red Star Express followed with 9.96 percent to close at N2.65, while CWG rose by 9.85 percent to close at N1.45 per share.

NcNichols rose by 9.23 percent to close at 71k, while International Breweries appreciated by 6.82 percent to close at N4.70 per share.

On the other hand, C & I Leasing led the losers’ chart in percentage terms by 9.80 percent to close at N3.59 per share.

Transcorp followed with 7.73 percent to close at N1.79, while FTN Cocoa Processors declined by 6.90 percent to close at 27k per share.

Chams Holdings depreciated by 6.45 percent to close at 29k, while Custodian Investment declined by 4.80 percent to close at N5.95 per share.

The total volume traded advanced by 6.0 percent to 511.38 million units valued at N7.14 billion exchanged in 5,883 deals.

Transactions in the shares of Access Holdings topped the activity chart with 167.62 million shares valued at N1.92 billion.

FBN Holdings followed with 91.29 million shares worth N1.09 billion, while United Bank for Africa traded 78.06 million shares valued at N623.44 million.

Transcorp traded 29.56 million shares valued at N53.20 million, while AXA Mansard Insurance sold 18.151 million shares worth N45.69 million.

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

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