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Investors wealth rises further by N334b in bullish trading

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Following buying interest in Dangote Cement and 22 other stocks, the reign of the bulls continued unabated on the equity sector of the Nigerian Stock Exchange (NSE) as investors wealth appreciated further by N334 billion.

Yesterday, the All-Share Index (ASI) gained 638.65 absolute points, representing a gain of 1.74 per cent to close at 37,443.40 points. Similarly, the overall market capitalisation value also appreciated by N334 billion to close at N19.570 trillion.

The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which are; Dangote Cement, BOC Gases Nigeria, Flour Mills of Nigeria, Lafarge Africa and PZ Cussons Nigeria.

Analysts linked yesterday’s performance to investors’ positive reaction to the announcement of the first tranche of Dangote Cement’s planned repurchase of 10 per cent of its total share outstanding, scheduled for December 30 and 31, 2020.

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This extended the gaining streak on the local bourse to sixth consecutive sessions.

Market sentiment, as measured by market breadth, closed. at par with 23 gainers and losers apiece. BOC Gases recorded the highest price gain of 10 per cent, to close at N7.92 kobo.

Dangote Cement followed with a gain 9.98 per cent to close at N230.40, while Oando rose by 9.87 per cent to close at N3.45 kobo.

AXA Mansard Insurance went up by 9.78 per cent to close at N1.01, while NEM Insurance and FTN Cocoa Processors appreciated by 9.68 per cent each, to close at N1.36 and 68 kobo.

On the other hand, Eterna led the losers’ chart by 9.89 per cent, to close at N4.10, per share. Trans-Nationwide Express followed with a decline of 9.20 per cent to close at 79 kobo, while Chams declined by 8.70 per cent to close at 21 kobo.

Ardova Plc lost 5.24 per cent to close at N13.55, while Unity Bank shed 4.48 per cent to close at 64 kobo.

Meanwhile, the total volume traded increased slightly by 0.2 per cent to 427.059 million shares, worth N3.31 billion, and traded in 5,258 deals.

Transactions in the shares of AXA Mansard Insurance topped the activity chart with 90.181 million shares valued at N91.083 million.

Japaul Gold and Ventures followed with 45.455 million shares worth N16.817 million, while Transnational Corporation of Nigeria (Transcorp) traded 36.582 million shares valued at N34.212 million.

Skyway Aviation Handling Company traded 24 million shares valued at N63.741 million, while AIICO Insurance transacted 22.936 million shares worth N29.599 million.

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