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Market tees off on positive note as index rises by 0.56%

By The Citizen

Trading activities resumed at the Nigerian Stock Exchange (NSE) on Thursday after a two-day break due to the Eid-el-Kabir celebration.

The NSE's All-Share Index was up by 206.21 basis points or 0.56 per cent to close at 37,257.35 points, up from 37,051.14 points recorded on Monday.

Also, the market capitalisation of the listed equities gained N66bn or 0.56 per cent from N11.804tn in the previous session, to close at N11.870tn on Thursday.

The NSE-30 Index rose by 0.57 per cent or 9.93 basis points from 1,737.67 basis points to close at 1,747.60 points, while the consumer goods index gained 0.42 per cent or 4.4 basis points to close at 1,052.99 points.

A total of 38 stocks recorded price appreciation while 20 recorded price depreciation.

For instance, Forte Oil Plc gained the highest, rising by 10.22 per cent or N5.41 to close at N58.33 per share.

Conoil Plc followed with a gain of 4.99 per cent or N1.51 to close at N31.75 per share.

Custodian and Allied Insurance Plc also gained 4.71 per cent or eight kobo to close at N1.78 per share, while Academy Press Plc and Total Nigeria Plc gained 4.55 per cent and 4.13 per cent to close at N2.07 and N164 per share, respectively.

Costain (West Africa) Plc also gained 3.81 per cent or four kobo to close at N1.09 per share.

On the other hand, IHS Plc recorded the highest loss for the day, shedding five per cent or 14 kobo to close at N2.66 per share.

DN Meyer Plc lost 4.74 per cent or nine kobo to close at N1.81 per share, while UBA Capital Plc and NEM Insurance Company (Nigeria) Plc fell by 4.51 per cent or nine kobo and 4.41 per cent or three kobo, respectively to close at N1.27 and 65 kobo per share.

The banking sub-sector led on the activity chart, as trading in the sub-sector accounted for 49.52 per cent of total volume traded on Thursday.

In the sub-sector, investors exchanged 141.202 million shares, worth N1.839bn in 1,865 deals.

Turnover in the sub-sector was driven by trading in the shares of Guaranty Trust Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Unity Bank Plc and Fidelity Bank Plc.

In all, investors staked N3.890bn on 285.095 million shares, in 4,950 transactions.