Stock market sustains bullish momentum, gains N270bn

Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalization to a gain of N270 billion or 0.48 per cent.

Specifically, the market capitalization, which opened at N55.708 trillion, closed at N55.978 trillion.

The All-Share Index also advanced by 0.48 per cent, or 476 points, to settle at 98,592.12, compared to 98,116.27 recorded on Thursday.

As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.

Market breadth closed positive with 38 gainers and 18 losers.

On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.80, N110 and N15.95 per share respectively.

Mecure followed closely with 9.94 per cent to close at N8.52 per share.

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On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.

Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.

A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.

Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion.