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Equities Market Begins Week With N63bn Gain

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The Nigerian equities market began a new week bullish yesterday with a gain of N63 billion.

In summary, the All Share Index (ASI) gained 175.09 absolute points, representing a growth of 0.45 per cent to close at 38,844.32 points. Similarly, the market capitalization gained N63 billion to close at N14.071 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Nascon Alied Industries, Nigerian Breweries, Flourmill Nigeria and Guaranty Trust Bank.

Analysts at APT Securities and Funds Limited said that “gains so far continue to be dominated by big cap stocks in Consumer Goods and Banking sector. We expect more positive stance this week as sentiment traction seems quiet relaxed.”

Also, market breadth closed positive, with 30 gainers versus 20 losers. Nascon Allied Industries recorded the highest price gain of 7.14 per cent, to close at N24, while Diamond Bank followed with a gain of 6.58 per cent to close at N1.62, per share.

Japaul Oil gained 6.45 per cent to close at 33 kobo, while Nahco and Equity Assurance appreciated by five per cent each to close at N4.20 and 21 kobo per share, respectively.

On the other hand, Berger Paints led the losers’ chart by five per cent, to close at N8.55 per share. BOC Gas followed with a decline of 4.97 per cent, to close at N4.21, while Eterna depreciated by 4.73 per cent to close at N6.25 per share.

Prestige Assurance down by 4.48 per cent to close at 64 kobo, while Wema Bank shed 3.90 per cent  to close at 74 kobo per share.

The total volume traded rose by 187.19 per cent to 630.17 million shares, worth N3.89 billion, and traded in 3,832 deals. Transactions in the shares of Ikeja Hotel topped the activity chart with 279.64 million shares valued at N705 million. United Capital followed with 79.13 million shares worth N253.97 million, while Africa Prudential traded 56.77 million shares valued at N242.91 million.

Dangote Sugar traded 32.52 million shares valued at N641.92 million, while Access Bank transacted 22.35 million shares worth N241.05 million.

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