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Bullish rally raises index further by 1.40%

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The Nigerian stock market extended has bullish rally to eight consecutive trading days, even as more bluechip stocks joined the league of gainers, causing the All-Share Index (ASI) to rise further by 1.40 per cent
   
Yesterday, the ASI increased by 334.06 absolute points, representing a growth of 1.40 per cent to close at 24,143.37 points. Similarly, the overall market capitalisation gained N174billion to close at N12.582trillion.
   
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which were; Nigerian Breweries, Chemical & Allied Products (CAP), Guaranty Trust Bank, Guinness Nigeria, and Ardova Plc.
   
Analysts at United Capital Plc said developments in the crude oil market, the decision to ease lockdown, and the expected impact on the economy triggered positive sentiments in the capital market.

 
“Specifically, with corporate earnings season extended to May, we expect companies’ earnings fundamentals and dividend declaration to continue to support the ongoing positive outlook in the market.
 
“However, since many high cap stocks have this month as their dividend qualification dates and markdowns, we expect a bit more volatility in the equities market this month.”
     
Consequently, the market breadth closed positively, recording 35 gainers against four losers. Consolidated Hallmark Insurance and Nigerian Breweries recorded the highest price gain of 10 per cent each, to close at 33 kobo and N33.00, respectively, while Ardova Plc followed with 9.84 per cent to close at N13.95, per share.
   
CAP rose 9.57 per cent to close at N22.90, and UACN Property Development Company edged 9.52 per cent to close at 92 kobo, per share.On the other hand, CI Leasing led the losers’ chart by six per cent to close at N4.70, and UAC of Nigeria (UACN) followed with 3.47 per cent to close at N6.95, per share.
   
Union Diagnostic & Clinical Services lost 3.13 per cent to close at 31 kobo, while International Breweries shed two per cent to close at N4.90, per share.

The total volume traded rose by 24 per cent to 426.642 million shares worth N4.102billion, and traded in 7,384 deals.Transactions in the shares of FBN Holdings topped the activity chart with 91.923 million shares valued at N448.074million. Zenith Bank followed with 63.389 million shares worth N994.763million.


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