The equity market continues its upward momentum, registering a significant gain of N329 billion

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The Nigerian stock exchange continued its positive trading trend, marking a second consecutive day of gains, with an impressive N329bn increase.

The All-Share Index and market capitalization saw a 0.58% rise, closing at 104,100 points and N56.961tn, respectively, pushing the year-to-date gain to an impressive 39.22%.

Despite this positive momentum, market breadth reflected a negative sentiment, with 24 gainers and 27 losers by the end of the trading session.

Notable contributors to the All-Share Index’s upward movement included University Press (9.96%), Juli Plc (9.84%), Mutual Benefits Assurance (9.38%), Daar Communications (8.82%), and Honeywell Flour Mill (7.50%).

Sub-sector performance showed positivity, with the insurance, consumer goods, and industrial goods indices rising by 0.18%, 0.22%, and 1.95%, respectively.

On the flip side, the banking index declined by 1.32%, while the oil and gas sector experienced lackluster performance.

Despite the ASI’s rise, trading activities on the NGX were subdued compared to the previous day, with the total traded value dropping by 42.89% to N6.91bn.

 

The volume of traded equities also fell by 33.35% to 284.49 million units, accompanied by a 5.62% decrease in the number of deals to 8,168.

Major decliners included Unilever, Julius Berger, and Morison, which lost 9.80%, 9.64%, and 9.60%, respectively.

 

Guaranty Trust Holding Company emerged as the most traded security in terms of both volume and value, with 56.61 million units worth N2.22bn changing hands in 326 deals.

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