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Equities rally extends to fifth session, market gains N316bn
The Nigerian equities market extended its rally for a fifth consecutive session on Wednesday, as investor optimism around the Dangote Refinery listing sustained bullish momentum on the floor of the Nigerian Exchange Limited.
The All-Share Index rose by 487.28 points, representing a gain of 0.20 per cent, to close at 244,791.79 basis points. Similarly, the overall market capitalisation gained N316bn to close at N158.715tn.
The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks, including Nigerian Exchange Group, MTN Nigeria Communications, Nigerian Breweries, Transnational Corporation, and Champion Breweries.
Investor sentiment was positive, as 34 gainers outpaced 25 losers. Sovereign Trust Insurance recorded the highest price gain of 9.69 per cent to close at N2.15 per share.
Champion Breweries followed with a gain of 9.50 per cent to close at N10.95, while Livestock Feeds rose by 9.42 per cent to close at N7.55 per share.
Learn Africa gained 9.09 per cent to close at N8.40, while Mutual Benefits Assurance rose by 8.93 per cent to close at N3.05 per share.
On the other hand, Industrial & Medical Gases Nigeria led the losers’ chart by 9.93 per cent to close at N27.65 per share. John Holt followed with a decline of 9.88 per cent to close at N7.30, while LivingTrust Mortgage Bank shed 9.84 per cent to close at N2.84 per share.
Fidson Healthcare lost 9.19 per cent to close at N72.65, while Royal Exchange dropped 9.00 per cent to close at 91k per share.
The total volume traded advanced by 31.1 per cent to 662.43 million units, valued at N37.45bn, and exchanged in 63,271 deals.
Transactions in the shares of Sterling Financial Holdings Company topped the activity chart with 142.04 million shares valued at N1.07bn. AIICO Insurance followed with 73.63 million shares worth N274.42m, while Fidelity Bank traded 43.33 million shares valued at N873.38m.
Guaranty Trust Holding Company traded 40.55 million shares valued at N5.27bn, while Zenith Bank transacted 34.87 million shares worth N4.47bn.
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