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HomeBusinessNigeria's equity market sustains rally with N32 bln increase in capitalisation value

Nigeria’s equity market sustains rally with N32 bln increase in capitalisation value

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By Ifeyinwa Ezeokoli 

The domestic equity market on Wednesday posted N32 billion gain following buying pressures in Africa Prudential Plc and 20 other stocks.

Consequently, the All-Share Index (ASI) rose by 59.25 points, representing a gain of 0.12 percent to close at 49,475.43.

Accordingly, investors gained N32 billion in value as the market cap of equities listed on the NGX increased to N26.948 trillion from N26.916 trillion as on the previous close.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Africa Prudential, FBN Holdings (FBNH), Guaranty Trust Holding Company (GTCO), Champion Breweries and United Capital.

Analysts at Afrinvest Limited said “in the penultimate trading session for the week, we anticipate the bullish performance would be sustained in the absence of any negative catalyst.”

Market breadth closed positive as 21 stocks gainers in contrast with 11 stocks laggards.

University Press led the gainers by  9.83 percent to close at N1.90 per share.

Thomas Wyatt followed with 9.68 percent to close at 68k, while Africa Prudential went up by 9.35 percent to close at N5.85 per share.

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Champion Breweries went up by 4.88 percent to close at N4.30, while Chams appreciated by 4.76 percent to close at 22k per share.

On the other hand, Japaul Gold & Ventures led the losers’ chart in percentage terms by 3.70 percent to close at 26k per share.

Mutual Benefits Assurance followed with a decline of 3.45 percent to close at 28k, while  FTN Cocoa Processors went down by 3.33 to close at 29k per share.

Wema Bank lost 2.73 percent to close at N3.21, while Wapic Insurance shed 2.44 percent to close at 40k per share.

The total volume traded grew by 310.9 percent to 411.15 million shares worth N6.35 billion traded in 2,992 deals.

Transactions in the shares of UPDC Real Estate Investment Trust (UPDCREIT) topped the activity chart with 245.33 million shares valued at N760.47 million.

FBNH followed with 55.93 million shares worth N610.99 million, while Geregu Power traded 25.04 million shares valued at N2.63 billion.

Zenith Bank traded 7.62 million shares valued at N185.84 million, while Guaranty Trust Holding Company transacted 6.87 million shares worth N151.46 million.

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