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HomeTop NewsNigeria's equity rebounds with index up 1.7%, investors gain N300 bln

Nigeria’s equity rebounds with index up 1.7%, investors gain N300 bln

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By Samuel Bankole

Nigeria’s equity market rebounded on Wednesday, reversing the two consecutive day of profit-taking by investors with many of them returning to the market to show interest in some bellwether stocks.

The market main index All Share Index (ASI) climbed 1.7 percent to close at 34,818.01 points, driven by buying in the shares of Dangote Cement, Lafarge Africa and Nigerian Breweries pushed up prices of equities.

At the close of trading, investors have been able to accumulate N300.5 billion as market capitalisation of equities listed on the NSE increased to N18.193 trillion from N17.893 trillion as on the previous day.

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The total volume traded closed with an exchange of 661.132 million units valued at ₦8.30 billion traded in 7,324 deals. The market breadth was positive with 38 gainers as against 8 losers.

The Nigeria equity market has so far gained 29.7 percent year-to-date, emerging the most performing equity market in the emerging market this year.

The NSE 30 Index increased by 1.95 percent to close at 1,497.20 points as against 1,468.59 points as on the previous day.

Market turnover closed with traded volume of 372.13 million units. Sterling and Lafarge Africa were the key gainers, while Stanbic IBTC was the only loser.

Shares in Dangote Cement, which accounts for the fifth of the market capitalisation rose 4.2 percent to close at N195, Nigerian Breweries closed up 7.3 percent to N58.00 per share, Lafarge Africa was up 9.5 percent to close at N24.10, while Sterling Bank closed at N2.09 per share and up 10 percent.

The most traded stocks by volume were Transcorp i60.6 million units, Guaranty Trust Bank 70.7 million units and Zenith Bank with 57.3 million units.

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