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Nigerian equity market reverses loss, up by 0.41%

Felix Oloyede



Nigerian equity market extends downtrend to consecutive third session

Gains recorded by MTNN, NIGERIAN BREWERIES, and ETI spurred the Nigerian equity market to reserve the previous day’s loss, appreciating 0.41% to 41,961.14 points.

The market capitalisation gained ₦89.5billion to ₦21.9trillion as the year to date return improved to 4.2%.

Market activity strengthened as volume and value traded rose 96.4% and 37.5% respectively to 558.9m units and ₦4.4bn. The most traded stocks by volume were FBNH (162.6m units), TRANSCORP (115.7m units), and CILEASING (63.4m units) while FBNH (₦1.9bn), UBA (₦509.4m), and CILEASING (₦291.8m) led by value.

The Consumer Goods led gainers, up 1.5% following price appreciation in NIGERIAN BREWERIES (+6.4%) and GUINNESS (+10.0%). Trailing, the Banking and AFR-ICT indices gained 0.7% and 0.5% respectively due to bargain hunting in UBA (+1.2%), ETI (+6.2%), and MTNN (+0.9%).

Similarly, buying interest in OANDO (+1.0%), and WAPCO (+1.6%) buoyed a 0.2% and 0.1% gain in the Oil & Gas and Industrial Goods indices respectively. On the flip side, the Insurance index was the lone loser, down 0.2% on account of profit-taking in MANSARD (-6.0%) and NEM (-2.5%).

The market saw 21 stocks with UPL (+10.0%), GUINNESS (+10.0%), and CADBURY (+10.0%) leading the gainers while MANSARD (-6.0%), JAPAULGOLD (-4.4%), and COURTVILLE (-4.3%) led the13 laggards.

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