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Nigerian equities sustain bullish sentiments

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EQUITIES trading in Nigerian stock market, yesterday revved up transaction index by 38 basis points to stay above 41,000 points level amid sustained investors’ positive sentiment.

  While local bourse sustained the previous day’s gains, as demand for FBN Holdings, WAPCO, and Okomu Oilpalm drove All-Share Index (ASI) higher, stocks advanced by 0.4 per cent to close at 41,051.19 basis points.

  Consequently, market capitalisation settled at N21.39 trillion as against an opening of N21.31 trillion.

  At the end of trading activities, number of gainers increased to 29 as against 27 on Tuesday. This lifts Month-to-Date and Year-to-Date returns to +2.1 per cent and +1.9 per cent, respectively.

Notably, Okomu Oilpalm, WAPCO, Transnational Hotels, and Guaranty Trust Holding Company topped gainer’s chart despite all tracked sub-indices closing northwards. A sector-wide positive performance in banking, insurance, consumer goods, oil and gas rubbed off in 1.40 per cent, 0.42 per cent, 0.35 per cent, 0.51 per cent, and 0.15 per cent rise respectively.

  But market activity waned as relatively smaller quantity of stocks exchanged hands at higher prices with total volume of trades declining by 20.9 per cent to 446.17 million units in transactions valued at N4.47 billion and exchanged in 4,704 deals. FBN Holdings remained the most traded stock by volume and value at 148.35 million.

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