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HomeBusinessNigeria's equity market recovers after 3-day losing streak

Nigeria’s equity market recovers after 3-day losing streak

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By Ifeyinwa Ezeokoli

The Nigerian equity market bucked the trend on Thursday closing marginal up after a 3-day losing streak, with the index up 0.01 per cent at the close of transactions.

Accordingly, the Year-to-date (YTD) return of the market remained unchanged at 20.7 per cent. 

The All Share Index marginally increased by 0.01 per cent to close at 51,563.73 points, compared with 51,556.54 points the previous day.

The market capitalisation of equities listed on the NGX increased to N27.807 trillion from N27.795 trillion as of the previous close.

The total volume traded closed with an exchange of 143.288 million units valued at N1.76 billion traded in 3,874 deals. The market breadth was positive with 15 gainers as against 10 losers.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are; Nigerian Aviation Handling Company (NAHCO), Julius Berger, Champion Breweries, Honeywell Flour Mills and Access Holdings.

GTI Securities Limited said that “Stock market closed transactions … flat, as bargain hunting and indecisiveness continues to trail the market. We expect cautious trading to continue throughout the week.”

The market breadth closed positive as 15 stocks gained relative to 10 stocks that declined.

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Academy Press recorded the highest price gain of 9.55 per cent to close at N1.72 per share.

NAHCO followed with a gain 9.41 per cent to close at N9.30, while FTN Cocoa processors gained 9.38 per cent to close at 35k per share.

Honeywell Four Mills appreciated by 8.39 per cent to close at N2.97, while Ikeja Hotels rose by 8.20 per cent to close at N1.32, per share.

On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 8.11 per cent to close at 34k per share.

UACN Property Development Company (UPDC) followed with a decline of 7.87 per cent to close at N1.17, while Regency Alliance Insurance shed 7.14 per cent to close at 25k per share.

Japaul Gold and Ventures depreciated by 3.45 per cent to close at 28k, while FBN Holdings (FBNH) dipped by 3.20 per cent to close at N10.60 per share.

Transactions in the shares of Jaiz Bank topped the activity chart with 42.10 million shares valued at N36.61 million.

Guaranty Trust Holding Company (GTCO) followed with 19.45 million shares worth N396.76 million, while Sterling Bank traded 9.41 million shares valued at N14.08 million.

United Bank for Africa (UBA) traded 6.87 million shares valued at N51.370 million, while NAHCO transacted 5.18 million shares worth N46.14 million.

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