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HomeBusinessNigeria's equity market recovers N33 bln gain, ends 2 consecutive day loss

Nigeria’s equity market recovers N33 bln gain, ends 2 consecutive day loss

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By Ifeyinwa Ezeokoli 

Trading in the Nigerian stock market rebounded on Wednesday with the market capitalisation gaining N33 billion, ending two consecutive sessions of losses.

Unlike in the past two trading sessions, performance in the domestic equities market was positive following renewed interest in top telecommunication operator, MTN Nigeria Communications (MTNN). 

The market cap of equities listed on the NGX increased to N25.279 trillion from N25.246 trillion as on the previous close.

The total volume traded closed with an exchange of 201.280 million units valued at N2.62 billion traded in 4,017 deals. However, the market breadth was negative with 16 gainers as against 17 losers.

Also, the All-Share Index inched higher by 61.39 points representing an increase of 0.13 percent to close at 46,904.48 against 46,843.09 on Tuesday.

The NGX 30 Index increased by 0.18 percent to close at 1,789.08 points as against 1,785.79 points on the previous close.

Market turnover closed with a traded volume of 148.39 million units. Ecobank and MTNN were the key gainers, while Zenith and Guaranty were the key losers.

Accordingly, the month-to-date loss moderated to 1.0 per cent, while the year-to-date return increased to 9.8 per cent.

GTI Securities Limited said that “The market recovered slightly yesterday after two days of losses. 

“As inflationary pressures persist, investors appear indecisive in their trading activities and might tend to tilt towards the fixed income market as yields rise. 

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“We expect to witness mixed sentiment in the coming trading days.”

Cornerstone Insurance and Ikeja Hotel led the gainers’ chart in percentage terms with 10 per cent each to close at 66k and N1.32 per share, respectively, 

Eterna followed with a gain of 9.82 per cent to close at N5.48 per share.

Meyer rose by 9.09 percent each to close at 60k, while Chams appreciated by five percent to close at 21k per share. 

On the other hand, Cadbury led the losers’ chart in percentage terms by 6.67 percent to close at N8.40 per share. 

Japaul Gold and Ventures followed with 5.88 percent to close at 32k, while PZ Cussons declined by 5.36 percent to close at N10.60 per share. 

Royal Exchange shed 5.22 percent to close at N1.09, while Wapic Insurance and Multiverse Mining and Exploration depreciated by 4.17 per cent each to close at 46k and 23k per share, respectively

However, the total volume of shares traded declined by 6.1 per cent to 201.28 million units valued at N2.62 billion exchanged in 4,017 deals. 

This was in contrast of 214.33 million shares worth N1.79 billion exchanged in 4,125 deals on Tuesday.

Transactions in the shares of ETI topped the activity chart with 61.893 million shares valued at N742.03 million.

Access Holdings followed with 29.47 million shares worth N294.92 million, while Zenith Bank traded 15.84 million shares valued at N361.80 million.

Fidelity Bank sold 11.37 million shares valued at N35.6r million, while Transcorp transacted 9.84 million shares worth N9.81 million.

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