NSE Reverses Downward Trend, Up N14bn

• NSE, Market breadth was positive with 13 stock gainers against 12 losers.

NSE, Trading at the domestic equities market closed positive on Thursday with the market capitalization increasing by N14 billion due to buying interest in tier 1 banks.

The market capitalization which opened at N20.286 trillion inched higher by N14 billion or 0.07 percent to close at N20.300 trillion.

Also, the All-Share Index grew by 25.80 points or 0.07 percent to close at 38,799.83 from 38,774.03 posted on Wednesday.

Accordingly, month-to-date and year-to-date losses moderated to 0.6 percent and 3.7 percent, respectively.

The market gain was driven by price appreciation in large and medium capitalized stocks amongst which are; Okomu Oil, Zenith Bank, Guaranty Trust Bank, Oando, and Access Bank.

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Consolidated Hallmark Insurance dominated the gainers’ chart in percentage terms with a gain of 9.68 percent to close at 34k per share.

Japaul Gold and Ventures followed with 9.43 percent to close at 58k, while Oando was up by 5.16 percent to close at N3.26 per share.

AIICO Insurance rose by five percent to close at N1.26, while Zenith Bank appreciated by 3.81 percent to close at N21.80 per share.

Conversely, Royal Exchange led the laggards’ chart in percentage terms with 7.69 percent to close at 36k per share.

Jaiz Bank followed with a loss of 6.06 percent to close at 62k per share.

Honeywell Flour Mill shed 5.04 percent to close at N1.13, while Daar Communications and Linkage Assurance depreciated by 4.76 percent each to close at 20k and 80k per share, respectively.

However, the total volume of trades decreased by 59.2 percent as investors bought and sold 145.33 million shares valued at N1.58 billion in 3,525 deals.

This was in contrast with 356.46 million shares valued at N4.19 billion exchanged in 6,130 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 21.85 million shares worth N157.18 million.

Guaranty Trust Bank followed with 20.50 million shares valued at N589.17 million, while Zenith Bank traded 17.58 million shares worth N379.88 million.