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Equities Market Sustains Gains By N135bn

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The Nigerian equities market yesterday sustained the bullish performance with a gain of N135 billion on buying interest in high capitalised stocks.

The All Share Index (ASI) rose by 276.72 points or 1.01 per cent to 27,629.66 points. Accordingly, investors gained N135 billion in value as market capitalisation went up to N13.442 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, MTN Nigeria, Dangote Cement, Stanbic IBTC Holdings and Ecobank Transnational Incorporated (ETI).

Analysts at United Capital Plc said that “Notably, market participants took the crystallization of the swearing-in with some positivity, perhaps with the expectation that hastened fiscal policies and implementation of plans might revive the Nation’s lacklustre growth.”

Market breadth closed positive as 22 stocks posted gains while 13 stocks posted declines. Eterna recorded the highest price gain of 10 per cent, to close at N2.75, per share. ETI followed with a gain 9.49 per cent to close at N7.50, while Wapic Insurance appreciated  by 8.82 per cent to close at 37 kobo, per share.

Jaiz Bank went up by 5.41 per cent to close at 39 kobo, while Honeywell Flour Mills appreciated by 4.90 per cent  to close at N1.07,  per share. On the other hand, NCR Nigeria and University Press led the losers’ chart by 10 per cent each, to close at N4.95 and N1.44, respcetively, while MRS Oil Nigeria followed with a decline of 9.83 per cent to close at N18.80,  per share.

Okomu Oil lost 9.78 per cent to close at N40.15, while FCMB Groups shed 5.88 per cent to close at N1.60, per share.

The total volume traded rose by 73.6 per cent to 272.60 million shares, worth N4.5 billion, and traded in 3,425 deals. Transactions in the shares of Zenith Bank  topped the activity chart with 54.31 million shares valued at N977.54 million. Guaranty Trust Bank followed with 38.21 million shares worth N1.03 billion, while Transnational Corporation of Nigeria (Transcorp) traded 32.1 million shares valued at N34.06 billion.

Flour Mills Nigeria traded 20.42 million shares valued at N275.68 million, while ETI transacted 18.21 million shares worth N135.01 million enthused.

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