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Nigeria’s equity market sustains gain as Union Bank, Okomu Oil drive index up by 0.34%

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By Samuel Bankole

The Nigerian equity market sustained its positive trajectory on Wednesday, driven mainly by the rally in the stocks of banking and agro-allied sectors with Union Bank and Okomu Oil leading the pack.

The All Share Index (ASI) rose by 0.34 per cent to close at 47,367.31 points compared with 47,205.03 points posted the previous day.

The market capitalization of equities listed on the NGX increased to N25.536 trillion from N25.449 trillion as of the previous close.

The total volume traded closed with an exchange of 391.889 million units valued at N9.95 billion traded in 5,419 deals. The market breadth was positive with 31 gainers as against 16 losers.

The NGX 30 Index increased by 0.43 per cent to close at 1,814.70 points as against 1,807.00 points at the previous close.

Market turnover closed with a traded volume of 285.36 million units. UBN and Okomu Oil were the key gainers, while Sterling and Unilever were the key losers.

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At the close of the market, Union Bank stock increases by 6.56 per cent, Okomu Oil ticks up 5.63 per cent while GTCO, the holding company of GTBank stock rises 3.17 per cent.

Also, the Pan-African Banking group, Ecobank Transnational Inc. ticks up 2.58 per cent while United Bank for Africa (UBA) rises 2.50 per cent.

On the reverse side, the shares of Sterling Bank fell by 6 per cent, Unilever dropped 4.51 per cent and United Capital declined 3.97 per cent.

Shares in FCMB Group fell by 1.37 per cent while Zenith Bank shares increased by 1.18 per cent.

Investors traded a total of 5,363,541 shares worth N34.59 million shares of Union Bank, while a total of 310,428 worth N46.27 million in Okomu Oil and 28,917,459 shares worth N235.71 million of the United Bank for Africa during trading on Wednesday.

Also, a total of 6,798,463 shares valued at N24.48 million of FCMB group changed hands and 65,886,371 shares of GTCO valued at N1.62 billion were traded at the close of market.

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