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Stocks Market Rises By 0.33% On Renewed Bargain Hunting Activity



Following six straight days of losses, the Nigerian stocks market rebounded by 0.33 per cent growth on renewed bargain hunting activity. In summary, the All Share Index (ASI) gained 138.36 absolute points, representing a growth of 0.33 per cent to close at 41,633.79 points. Similarly, the market capitalization gained N196 billion, to close at N15.040 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Glaxosmith, Nigerian Breweries, PZ Industries and Cadbury Nigeria. Capital market analysts noted that still-positive macroeconomic fundamentals remain supportive of our outlook for gains on the equities market, as the market rebounded.

Similarly, market breadth closed positive, recording 29 gainers against 28 losers. Glaxosmith led the gainers table by 10.20 per cent to close at N24.30 per share. Japaul Oil and Maritime Services followed with a gain of 8.62 per cent to close at 63 kobo, while May and Baker Pharm appreciated by five per cent to close at N2.73 per share.

Also, FCMB Groups went up by 4.94 per cent to close at N2.55 and Continental Reinsurance rose by 4.91 per cent to close at N1.71 per share.

On the other hand, Multiverse Mining and Exploration led the laggards’ table by 8.70 per cent to close at 21 kobo per share. Unity Kapital Insurance trailed with a loss of 8.33 per cent to close at 22 kobo, while FTN Cocoa Processors declined by 7.69 per cent to close at 24 kobo per share.

Consolidated Hallmark Insurance dipped by 5.71 per cent to close at 33 kobo, while Access Bank went down by 5.53 per cent, to close at N11.10 per share.

Also, total volume traded increased by 10.92 per cent to 542.35 million shares, valued at N7.35 billion, and exchanged in 5,039 deals. Transactions in the shares of Access Bank topped the activity chart with 126.01 million shares valued at N1.4 billion. Zenith Bank traded 67.27 million shares worth N1.92 billion and Guaranty Trust Bank transacted 51.84 million shares valued at N2.34 billion.

FBN Holdings followed with 32.82 million shares worth N394.25 million, while UBA traded 29.5 million shares valued at N342.28 million.



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