STOCK MARKET BEGINS WEEK WITH N263 BILLION GAIN

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The Nigerian stock market opened the week on a positive note with a notable gain of N263 billion in overall capitalization. The All-Share Index (ASI) increased by 0.74%, gaining 481.32 points to close at 65,202.41 points. Market capitalization also rose to N35.685 trillion.

This growth was driven by price increases in large and medium capitalised stocks, including BUA Foods, Stanbic IBTC Holdings, Dangote Sugar Refinery, Nigerian Aviation Handling Company (NAHCO), and GlaxoSmithKline Consumer Nigeria.

United Capital Plc predicts that investors’ interest will strengthen due to the government’s intervention in the foreign exchange (FX) market; potentially bringing back funds into the Nigerian equities market. The article suggests that investors may also show interest in Nigerian treasury bills (NT-Bills) and that this positive sentiment could impact the equities market.

Market sentiment was generally positive, with 31 stocks gaining and 15 experiencing losses. John Holt, SCOA Nigeria, and BUA Foods were among the top gainers, while Tantalizer, Omatek Ventures, and Jaiz Bank were among the losers.

Trading activity saw a decline of 56.92% in total volume traded, with Transnational Corporation (Transcorp), Universal Insurance, and Guaranty Trust Holding Company (GTCO) being the most actively traded stocks.

In summary, the Nigerian stock market started the week with a significant gain, driven by various factors including government interventions and positive investor sentiment.

 

 

 

 

 

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