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Telcoms giants, 10 others extend NGX uptrend
Buying interest in MTNN, AIRTEL AFRICA, and 10 others propelled the Nigerian equity market to appreciate for the third consecutive session on Tuesday, as the All-Share index rose by 0.8% to 38,917.99 points while market capitalisation rose by ₦163.2bn to ₦20.3 trillion, as the loss for this year improved to -3.4%.
The volume of stocks traded fell by 5.3% to 231.5 million units while the value traded rose by 11.8% to ₦2.1 billion. The most traded stocks by volume were TRANSCORP (17.5m units), JAIZBANK (16.6 million units), and HONYFLOUR (13.0m units) while MTNN (₦376.8 million), GTCO (₦200.5m), and ZENITH (₦175.8 million) led by value.
The Insurance and Banking indices led the losers, down 1.0% and 0.8% respectively due to sell-offs in MBENEFIT (-5.1%), WAPIC (-1.9%), ACCESS (-2.2%) and ZENITH (-0.8%).
It was followed by the Consumer Goods and Oil & Gas indices which fell by 0.3% and 0.2%, respectively, due to price depreciation in HONYFLOUR (-7.8%), ARDOVA (-1.8%), and OANDO (-0.6%). On the flip side, the AFR-ICT was alone gainer, up 3.4% on the back of bargain hunting in MTNN (+1.8%) and AIRTELAF (+5.7%).
WEMABANK (+6.0%), AIRTELAF (+5.7%), and COURTVILLE (+4.2%) led gainers while FTNCOCOA (-8.2%), HONYFLOUR (-7.8%), and MBENEFIT (-5.1%) led decliners.
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