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Investors record N276b gain as stock market rebounds

THE Nigerian Exchange (NGX) rose by about N276 billion on Monday over record price appreciation in big names like Dangote Cement, MTN Nigeria and others. At the just concluded week, the Nigerian bourse went south as investors recorded about N150 billion loss.

Today, investors resumed the new week with an impressive bargain hunting on bellwether stocks as the indicators edged higher by 1.26 per cent.

The Nigerian Exchange All-Share index jumped by 528.15 basis points, representing a growth of 1.26 per cent to close at 42,411.12 points.

Overall, the equity market capitalisation expanded by as much as N275.59 billion to close at N22.13 trillion. However, the market activities were bearish as the total volume and value traded dipped by 48.39 per cent and 3.92 per cent, respectively.

A total sum of 229.64 million units valued at N3.29 billion was transacted in 4,426 deals, according to Atlass Portfolios Limited.

UNITY BANK topped as the traded stock in terms of volume, accounting for 21.04 per cent of the total volume of trades after the bank forecasted to deliver N450 million profit in Q1-2022.

The bank share was followed closely by UNIVINSURE (9.19%), FBNH (8.66%), UPDCREIT (7.37%), and GTCO (5.59%) to complete the top five on the volume chart.

According to NGX data, NESTLE emerged as the most traded stock in value terms, with 25.74 per cent of the total value of trades on the exchange. MEYER appeared as the most profitable stock to lead the advancers’ chart with a price appreciation of 9.09 per cent.

The company’s stock was trailed by MTNN (7.05%), ETI (2.76%), VITAFOAM (2.44%), NGXGROUP (2.06%), DANGCEM (1.19%), FLOURMILL (0.71%), WAPCO (0.60%), MANSARD (0.44%) and fourteen (14) others.

On the Contrary, sixteen (16) stocks depreciated, topped by NASCON with price depreciation of 6.79 percent to close at N13.05, as FCMB (-3.33%), ROYALEX (-3.33%), GTCO (-1.89%), ZENITHBANK (-1.76%), LIVESTOCK (-1.48%), UBA (-0.62%), ACCESS (-0.55%) and FIDELITY (-0.39%) also dipped in price.

The market breadth closed positive, recording 23 gainers and 16 losers. The sector performance was largely negative, as four of the five sectors depreciated, led by Oil & Gas (-0.86%), trailed by Banking (-0.47%), Insurance (-0.15%) and Consumer Goods (-0.05%), respectively.

NGX data shows that the Industrial Goods sector rose by 0.66% against the previous session.

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