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Nigerian stocks rise further as local bourse sustains rally

NIGERIAN stocks rose further to close the week on a positive note as the local bourse sustains rally. The equity market has stayed positive this week with gaining streaks amidst the third-quarter earning season’s expectation of improved profitability reports from listed companies.

With improve sentiment, Bull has maintained grips on activities on the local bourse which has seen some companies share price re-rating.

Recording price appreciations for four successive sessions, investors end the week with a total gain of ₦31 billion. The growth was driven by positive sentiment in some high and medium capitalized stocks, said Atlass Portfolios Limited in the market report.

Consequently, the All-Share Index rose by 59.15 basis points, representing a growth of 0.14 per cent to close at 41,763.26 points a year to date return expands.

According to data from the Nigerian Exchange, equities market capitalisation inched higher by ₦30.87 billion to close at ₦21.79 trillion. Similarly, the market activities traded positively as the total volume and value rose by 135.99 per cent and 73.47 per cent.

A total of 510.19 million units valued at ₦5.87 billion were transacted in 5,485 deals, according to NGX as FBNH topped the traded stocks in terms of volume. Volume traded on the ticker accounted for 30.26 per cent of the total volume traded today, maintaining the position as the most trading stock.

This was followed by ETI (10.99%), TRANSCORP (6.26%), NGXGROUP (5.86%), and WEMABANK (4.73%) to complete the top five on the volume chart. Also, FBNH appeared as the most traded stock in value terms, with 32.62 per cent of the total value of trades on the exchange.

CUTIX also maintained the led in the gainers’ chart to emerge as the most profitable stock, with price appreciation of 10.00 per cent, trailed TOTAL (6.17%), STANBIC (3.80%), ETI (3.42%), SEPLAT (1.60%), UBA (0.60%), MANSARD (0.43%), WAPCO (0.40%), ZENITH BANK (0.20%) and 16 others.

On the contrary, 19 stocks declined in price led by NEM with price depreciation of 8.57 per cent to close at ₦1.92, as NGXGROUP (-6.58%), NASCON (-5.48%), GTCO (-1.72%), LIVESTOCK (-1.69%), AFRIPRUD (-0.73%) and FLOURMILL (-0.68%) also follow suit.

The market breadth closed positive, recording 23 gainers and 19 losers.

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