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Nigerian equity market sustains gain

Felix Oloyede



Nigerian equity market sustains uptrend

The Nigerian equity market appreciated further on Thursday, driven by buying interest in WAPCO, FBNH and UBN.

The All-Share Index increased by 0.30% to close at 4 3,607.94 points on the back of continued bargain hunting, with market capitalization up by ₦70.6 9billion to ₦23.50trillion and return for this year improving to 2.09%.

Activity level however weakened, as volume and value traded waned by -85.93% and -9 5.04% to 174.6million units and ₦2.13billion respectively.

The most traded stocks by volume were FBNH (27.0 9million units), UBA (22.0 3million units) and TRANSCORP (12million units) while BUAFOODS (₦544.69million), FBNH (₦307.30million) and ZENITHBANK (₦260.60million) led by value.

The Banking index led the gainers’ pack, up by 0.40% owing to buy interests in UBN (+3.7 0%) and FCMB (+2.0 4%).

Similarly, gains in LIVESTOCK (+6.22%) and ACADEMY (+9.0 9%) drove the agriculture (+0.16%) and Services (+0.13%) indices higher.

On the flipside, the Oil & Gas and Healthcare indices declined by 0.57% and 0.14% respectively due to losses in OANDO (-5.1 5%) and NEIMETH (-2.2 2%).

Meanwhile, the Consumer Goods, ICT and Industrial Goods indices closed flat.

The top gainers were BUAFOODS (+10.00%), ACADEMY (+9.0 9%), MEYER (+8.70%), REGALINS (+6.67%) and LIVESTOCK (+6.22%); while SUNUASSUR (-9.7 6%), NEM (-7.7 8%), FTNCOCOA (-7.69%), OANDO (-5.1 5%) and UNILEVER (-3.45%) lost the most.

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