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HomeBusinessNigeria's equity market rally 0.5% on gains in MTN, 19 other stocks

Nigeria’s equity market rally 0.5% on gains in MTN, 19 other stocks

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By Ifeyinwa Ezeokoli 

The Nigerian equity market on Thursday extended its positive performance as gains in MTN Nigeria Communications (MTNN) and 19 other stocks lifted the benchmark index by 0.50 percent.

The All-Share Index (ASI) rose by 244.98 points, representing a gain of 0.50 percent to close at 49,233.02 points.

Accordingly, the month-to-date and year-to-date gains increased to +3.3 percent and +15.3 percent, respectively.

Also, investors gained N134 billion in value as market capitalisation went up to N26.816 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTNN, Chemical Allied Products (CAP), Ardova Plc (AP), Stanbic IBTC Holdings and Zenith Bank.

Market breadth closed positive with 20 stocks gainers in contrast with eight laggards.

CAP led the gainers’ chart in percentage terms with 9.88 percent to close at N17.80 per share.

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AP followed with a gain 9.51 percent to close at N16.70  per share.

Cornerstone Insurance and Thomas Wyatt Nigeria went up by 8.33 percent each to close at 52k each, while Learn Africa appreciated by 8.12 percent to close at N2.13 per share.

On the other hand, McNichols led the losers’ chart in percentage terms by 10 percent to close at 54k per share.

Geregu Power followed with 8.11 percent to close at N102, while Chams went down by 4.35 to close at 22k per share.

Guaranty Trust Holding Company lost 1.91 percent to close at N20.50, while United Capital shed 1.46 percent to close at N13.50 per share.

The total volume traded grew by 153.1 percent to 222.775 million shares, worth N2.129 billion, and traded in 2,756 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 153.28 million shares valued at N205.43 million.

GTCO followed with 10.45 million shares worth N216.96 million, while  Zenith Bank traded 8.69 million shares valued at N200.26 million.

FBN Holdings traded 4.97 million shares valued at N53.53 million, while United Bank for Africa transacted 4.52 million shares worth N32.95 million.

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