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HomeBusinessNigeria's equity market rises the most since Feb by 1.25%

Nigeria’s equity market rises the most since Feb by 1.25%

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By Ifeyinwa Ezeokoli 

Nigeria’s equity market rallied for the second consecutive day after the Easter break with the index gaining 1.25 per cent, its single daily rise since February and driven by the increase in the shares of Breweries, Energy and banking sectors.

The market main index rose by 592.85 points or 1.25 per cent to cross the 48,000 mark to close at 48,138.71 from 47,545.86 posted on Tuesday.

The market capitalisation of equities listed on the NGX increased to N25.952 trillion from N25.632 trillion as of the previous close.

The total volume traded closed with an exchange of 349.561 million units valued at N3.70 billion traded in 4,587 deals.

The market breadth was positive with 28 gainers as against 21 losers.   

Accordingly, the month-to-date and year-to-date gains increased by 2.5 per cent and 12.7 per cent, respectively.

The NGX 30 Index increased by 0.44 per cent to close at 1,829.80 points as against 1,821.76 points at the previous close.

Market turnover closed with a traded volume of 122.61 million units.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Seplat Energy, Guinness, Dangote Cement and Okomu Oil.

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GTI Securities Limited stated that “Investors increased buying interest in three major sectors, led by the Oil & Gas, which grew by 2.98 per cent, lifted the NGX-ASI by 1.25 per cent. We expect the bullish run to persist in the coming trading days.”

Eterna and Japaul Gold and Ventures dominated the gainers’ chart in percentage terms by 10 per cent each to close at N5.50 and 33k,  per share respectively.

Guinness followed with a gain 9.96 per cent to close at N82.25 per share.

Meyer rose by 9.66 per cent to close at N1.93,  while Wapic Insurance appreciated by 9.52 per cent to close at 46k per share. 

On the other hand, Union Dicon Salt led the losers’ chart in percentage terms by 9.60 per cent to close at N8.95 per share. 

Computer Warehouse Group (CWG) followed with 9.28 per cent to close at 88k, while John Holt depreciated by 8.97 per cent to close at 71k per share.

Regency Alliance Insurance declined by 8.57 per cent to close at 32k, while SUNU Assurance Nigeria depreciated by 8.33 per cent to close at 33k per share.

Transactions in the shares of Universal Insurance topped the activity chart with 73.05 million shares valued at N14.61 million. 

Zenith Bank followed with 23.65 million shares worth N571.51 million, while Fidelity Bank traded 20.73 million shares valued at N79.97 million.

United Bank for Africa traded 20.06 million shares worth N160.50 million, while Mutual Benefits Assurance transacted 16.37 million shares worth N3.95 million.

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