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Equity market inches higher with N237b gain as CUTIX, Telcos Rally

THE Nigerian equity market inched higher on Thursday as investors gain more than N237 billion following bargain hunting in CUTIX, and telecom stocks amidst the third quarter of the financial year 2021 earnings season expectations.

Nigerian exchange sustained the previous day’s positive sentiment as the market performance indicators rose by 1.10 per cent, Atlass Portfolios Limited said in a market report.

The growth was impacted by renewed interest in telecom operators stocks with price appreciation in AIRTELAFRI, MTNN, amongst other gainers on the NGX chart on Thursday.

The All-Share Index see a strong uptick, rising by 454.40 basis points, representing a growth of 1.10 per cent to close at 41,704.11 points as market consolidates on the ongoing buying interest. 

Recording a steep jump, stock market capitalisation witnessed a sky-high gain of ₦237.13 billion to close at ₦21.76 trillion. Today, the market activities traded bearishly following the 56.72 per cent and 33.43 percent growth in the total volume and value traded, respectively.

A total of 216.19 million units of shares valued at ₦3.38 billion were transacted from 4,272 deals as investors sentiment improve ahead of the third-quarter earnings season.

FBNH topped the traded stocks in terms of volume, accounting for 24.08 percent of the total volume of trades, maintaining the position as the most trading stock, followed by ETI (9.29%), TRANSCORP (6.79%), ACCESS (6.05%), and FIDELITYBK (5.75%) to complete the top five on the volume chart.

Also, FBNH appeared as the most traded stock in value terms, with 21.36 per cent of the total value of trades on the exchange.

CUTIX led the gainers’ chart to emerge as the most profitable stock, with price appreciation of 10.00 per cent, trailed by NGXGROUP (9.79%), NB (7.41%), DANGSUGAR (2.27%), AIRTELAFRI (1.32%), MTNN (1.16%), UBN (1.00%), GUINNESS (0.52%), UACN (0.46%) and 14 others.

On the contrary, 18 stocks declined in price led by NEIMETH with price depreciation of 4.86 percent to close at ₦1.76, as NAHCO (-3.61%), UACP (-3.16%), GTCO (-2.03%), AFRIPRUD (-1.44%), and FBNH (-0.82%) also follow suit.

Thus, the market breadth closed positive, recording 23 gainers and 18 losers.

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