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Nigeria’s equity market rebounds with N73 bln increase in cap

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By Ifeyinwa Ezeokoli 

 

The domestic equities market on Thursday rebounded with N73 billion increase in the value of stocks amid renewed bargain-hunting activity in the shares of large capitalized companies.

Accordingly, the market cap of equities listed on the NGX increased to N26.682 trillion from N26.609 trillion as on the previous close.

The All-Share Index (ASI) rose by 134.50 points, representing an increase of 0.28 percent to close at 48,988.04 points. 

Consequently, the month-to-date and year-to-date returns increased by 2.8 percent and 14.7 percent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, NASON Allied Industries, Red Star Express, United Capital and Nigerian Aviation Handling Company.

Market sentiment, as measured by market breadth was positive with 16 gainers in relative to 12 losers. 

Red Star Express drove the gainers’ chart in percentage terms with 9.71 percent to close at N2.26 per share. 

Chams followed with 9.52 percent to close at 23k, while SCOA rose by 8.97 percent to close at 85k per share.

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Learn Africa rose by 8.84 percent to close at N1.97, while Lasaco Assurance appreciated by 7.14 percent to close at 90k per share. 

On the other hand, Prestige Assurance led the losers’ chart in percentage terms by 8.70 percent to close at 42k per share. 

Multiverse Mining and Exploration followed with 8.51 percent to close at N3.98, while Linkage Assurance depreciated by 6.98 percent to close at 40k per share.

Eterna declined by 5.75 percent to close at N6.07, while Dangote Sugar Refinery depreciated by 5.56 percent to close at N15.30 per share.

However, the total volume of trades decreased by 45.95 percent to 88.04 million units, valued at N1.68 billion exchanged in 2,832 deals. 

Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 10.21 million shares valued at N213.65 million. 

Zenith Bank followed with 9.79 million shares worth N225.27 million, while Jaiz Bank traded 7.911 million shares valued at N7.02 million.

Sterling Bank traded 5.17 million shares valued at N7.09 million, while United Capital transacted 4.47 million shares worth N61.57 million.

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