Home Business Nigerian stocks rise by N237 billion as large-cap stocks strengthen gains

Nigerian stocks rise by N237 billion as large-cap stocks strengthen gains

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Nigerian stocks rose by 1.1 per cent, or 237.1 billion naira on Thursday as investors continued to take on risk-off inequities, helping to create a positive atmosphere in the market as the trading season smartens out gradually.

Leaders of Thursday’s earnings spans across sectors such as financial services, telecommunications, industrial and consumer goods, with NGX Group, Airtel Africa, MTNN and Nigerian Breweries leading the way.

Market breadth, which measures investors’ sentiment toward trade, was positive, with 23 gainers versus 19 laggards.

The all-share index rose 454.40 points to 41,704.11, while the market capitalization rose to N21.8 trillion at the close of trading.

The index has risen 3.56 per cent from January to date.

Cutix increased its value by 10 per cent to N5.50. The NGX Group added 9.79 per cent to end operations at N23.55. Consolidated Hallmark was up 9.09 per cent to N0.60.

Nigerian breweries rose to N51.45 and achieved an increase of 7.41 per cent. BUA Cement completed the top 5, rising 6.12 per cent to close at N72.

The Initiates topped the list, falling by 8.51 per cent to N0.43. Neimeth lost 4.86 per cent to close at N1.76.

Universal Insurance fell to N0.20 and lost 4.76 per cent. NAHCO fell to N3.47, a depreciation of 3.61 per cent. Unity Bank closed at N0.55, down 3.51%.

A total of 216.2 million shares with an estimated value of N 10,216 million were traded in 6,703 transactions today.

FBN Holdings was the most active stock with 51.9 million units of its shares valued at N628.3 million traded in 454 stores. ETI has traded 20 million shares at a price of 143.7 million naira in 106 transactions.

Transcorp saw 14.6 million units of its shares valued at N15 million in 128 transactions. Access traded 13 million shares in 171 transactions, valued at 124.2 million naira. Fidelity traded 12.5 million shares valued at N34.2 million in 135 transactions.

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