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Investors gain N11.2b as NGX ends 3-day selling rallies

THE Nigerian Exchange (NGX) halted 3-day selling rallies on the local bourse as investors gain more than N11 billion on Thursday following yesterday’s yield moderation in the fixed income market.

After three days of red rain, bull in the Nigeria equities market regains strength as the all-share index expanded following the price appreciation in some highly capitalized stocks like GTCO, FLOURMILL, WAPCO and STANBIC, amongst others. 

The All-Share Index surged by 21.44 basis points, representing a 0.06 per cent increase to close at 38,874.13 points as the year to date losses record moderated.

Due to the shares prices appreciation, NGX market capitalization advanced ₦11.17 billion to close at ₦20.25 trillion. However, the market activities extended the bearish sentiments as institutional investors continued to slur the equities market.

Both the total volume and value traded lowered by 19.24 per cent and 16.17 per cent, respectively, Atlass Portfolios limited said in a report. A total of 125.80 million units of shares valued at ₦1.27 billion were traded in 2,990 deals.

MBENEFIT outdid the traded stocks in terms of volume, accounting for 10.90 per cent of the total volume of trades, followed by UCAP (9.11%), GTCO (7.91%), ZENITH BANK (7.31%), and TRANSCORP (6.02%) to complete the top five on the volume chart.

Analysts at Atlass Portfolios Limited GTCO remained the most traded stock in value terms for the three consecutive trading days, with 21.40 per cent of the total value of trades on the exchange.

NAHCO topped the gainers’ chart with price appreciation of 10.00 percent, followed by PHARMDEKO (9.55%), CHAMS (4.76%), OANDO (3.66%), MBENEFIT (3.45%), GTCO (1.29%), FLOURMILL (1.21%), UBA (0.66%), WAPCO (0.22%), STANBIC (0.13%) and 6 others.

Conversely, SOVRENINS led the decliners’ chart as its share price dipped by 4.17 per cent to close at ₦0.23, as UPDC (-3.68%), HONYFLOUR (-2.05%), UCAP (-1.75%), AFRIPRUD (-0.77%), STERLNBANK (-0.67%) and ZENITH BANK (-0.22%) amongst others also declined in price. Overall, the market breadth closed positive, recording 16 gainers and 12 losers.

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