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    Nigerian Equities maintain three-day rally with N20b gain

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    Nigerian equities continued their rally for the third consecutive trading session as increased bargain-hunting added N20 billion to market capitalisation.

    Benchmark indices at the Nigerian Exchange (NGX) showed average return of 0.10 per cent, equivalent to net capital appreciation of N20 billion.

    The All Share Index (ASI)- valued-based common index that tracks all share prices, rose by 39.15 points or 0.10 per cent to close at 39,210.10 points as against its opening index of 39,170.95 points. Aggregate market capitalisation of all quoted equities rose simultaneously from N20.417 trillion to close at N20.437 trillion.

    With 20 advancers to 15 decliners, sectoral indices showed mixed performance. The NGX Banking Index rose by 0.5 per cent. NGX Consumer Goods Index appreciated by 0.4 per cent while the NGX Oil and Gas Index closed flat. On the negative side, the NGX Insurance Index declined by 1.0 per cent while the NGX Industrial Goods Index dipped by 0.01 per cent.

    The rally was driven by price appreciation in large and medium capitalised stocks such as Unilever Nigeria, PZ Cussons Nigeria, Vitafoam Nigeria, Dangote Sugar Refinery and May and Baker Nigeria.

    Linkage Assurance recorded the highest price gain of 9.09 per cent to close at 60 kobo. PZ Cussons Nigeria followed with a gain 7.46 per cent to close at N6.00 per share. May and Baker Nigeria and Chams rose by five per cent each to close at N4.20 and 21 kobo respectively while Unilever Nigeria gained 4.96 per cent to close at N12.70 per share.

    On the negative side, Computer Warehouse Group led the losers’ chart by 9.60 per cent to close at N1.13, per share. Consolidated Hallmark Insurance followed with a decline of 8.97 per cent to close at 71 kobo. Associated Bus Company lost 7.50 per cent to close at 37 kobo, per share. Wapic Insurance lost 6.78 per cent to close at 55 kobo while Mutual Benefit Assurance shed 6.52 per cent each to close at 43 kobo, per share.

    The total volume of trades decreased by 12.8 per cent to 158.366 million units, valued at N2.236 billion, and exchanged in 3,330 deals.

    Transactions in the shares of Zenith Bank topped the activity chart with 27.324 million shares valued at N629.221 million. Sterling Bank followed with 22.023 million shares worth N35.087 million. United Bank for Africa (UBA) traded 21.687 million shares valued at N154.235 million. Transnational Corporation of Nigeria (Transcorp) traded 9.154 million shares valued at N8.154 million while Chams transacted 8.320 million shares worth N1.679 million.

    “In the last trading session of the week, we suspect that profit taking may dominate the local bourse,” Afrinvest Securities stated

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