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Nigerian equity market begins week on bright note, up 0.71%

Joseph Oyekanmi

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Banking, oil & gas stocks lift Nigerian equity market

The Nigerian equity reversed Friday’s loss, driven by buying interest in MTNN, GTBank and WAPCO, which caused it to gain 0.71% on Monday.

The All-Share Index increased 0.71% to close at 39,493.37 points, while the market capitalization gained ₦145.0billion to close at ₦20.7trillion and the year-to-date return moderated to -1.9%.

The volume stocks traded was higher by 108.1% to 522.2 million units in 4,566 deal and the value of equities exchanged surged by 281.8% to ₦10.7billion.

The most active stocks in volume terms were GTBank (230.4million units), UBN (79.2million units), and Wema Bank (51.9million units) while GTBank (₦7.4billion), Dangote Cement (₦1.0billion), and MTNN (₦455.6million) led by value.

The Banking sector was investors’ toast, rising by 2.1% and propelled by buying interest in GTBanK (+4.3%), ETI (+6.0%), and UBA (+1.5%).

The AFR-ICT and Insurance indices also rose 1.5% and 0.6% respectively, due to gains recorded by MTNN (+3.1%), CUSTODIAN (+10.0%) and MANSARD (+2.0%).

Gains in GUINNESS (+3.8%) and INTBREW (+0.9%) drove the Consumer Goods index up by 0.2%.

However, sell-offs in OANDO (-6.1%) and Dangote Cement (-0.4%) dragged the Oil & Gas and Industrial Goods indices lower by 0.5% and 0.1% respectively.

COURTVILLE (+10.0%), CUSTODIAN (+10.0%) and LINKASSURE (+9.6%) were the top gainers while SOVRENINS (-8.3%), NPFMCRFBK (-7.2%) and PRESTIGE (-6.8%) were the top decliners.

 

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