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Oil & gas sector extends Nigerian equity market’s rally to five consecutive sessions 

Joseph Oyekanmi

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Dangote Cement, MTNN sustains equity market downtrend

The gain recorded the oil and gas propelled the Nigerian equity market to the fifth consecutive appreciations on Thursday.

The All-Share index was up marginally 0.01% to close at 39,131.80 points, while market capitalisation gained ₦1.8billion to close at ₦20.5trillion as a market loss this year remained at -2.8%.

Investors’ appetite waned as the volume of stock traded dipped 4.6% to 228.1million units, but the value traded rose 58.5% to ₦2.6billion.

The most traded stocks by volume were GUARANTY (37.3million units), ZENITH (28.8million units), and FBNH (22.3m units) while GUARANTY (₦1.2billion), ZENITH (₦635.3million), and FBNH (₦164.9million) led by value.

The 4% gained OANDO had lifted the Oil & Gas sector, rising 0.2%.

The insurance sector led other losers, down 0.4% due to price depreciation in AIICO (-2.4%) and SUNUASSU (-9.1%).

Selloffs in ZENITH (-1.4%), FIDELITY (-1.8%), HONYFLOUR (-8.5%), and CADBURY (-3.7%) caused the Banking and Consumer Goods sectors to decline by 0.04% and 0.01% respectively.

Meanwhile, the Industrial Goods and AFR-ICT sectors closed flat.

CUTIX (+7.0%), PZ (+6.9%) and LINKASSURE (+5.0%) were the top gainers while EKOCORP (-10.0%), SUNUASSU (-9.1%) and HONYFLOUR (-8.5%) were the top decliners.

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