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Blue-chip stocks rally Nigerian bourse, as Investors gain N344 billion

Olumide Adesina by Olumide Adesina
April 16, 2020
in Markets, Stock Market
gtbank, stock market, Bulls dominate Nigerian bourse ASI up 0.74%, Investors gain N77 billion., Crude oil bulls lose steam, as COVID-19 cases hit record high

Bulls and stock market capitalization

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The Nigerian bourse continued its upward trend, with the benchmark All Share Index recording an impressive 3.02% increase to close at 22,539.94 points. Investors gained N343.96 billion, as stock market capitalization rose to N11.746 trillion at close of trading, and YTD performance firmed at -14.99%.

Today’s activity level was paired with mixed trading; volume traded declined by -41.48% to 326.44 million units of shares, while value traded climbed by 27.56% to N3.338 billion, in 5,166 deals.

First Bank Nigeria Holdings was the most traded stock by volume at 74.75 million units, followed by Zenith Bank with 72.10 million units of trades. Market breadth closed positive with 29 gainers led by DANGCEMENT (+10.00%).

Sector performance was bullish as most indices appreciated, led by an impressive (+4.46%) gain in the Banking Index. The Industrial (+3.02), Consumer Goods (+2.51%) and Oil & Gas indices also registered solid gains, while the Insurance Index declined by (-0.50%) with AIICO shedding -4.76%.

READ ALSO: Nigerian Stocks on ‘steriods’ as returns bests treasury bills, bonds

ZENITHBANK (+9.66%) and GUARANTY (+7.09%) climbed further to drive the lenders, as DANGCEMENT (+10.00%) lifted the Industrial Index. Similarly, NB (+9.84%) and DANGSUGAR (+8.55%) rose as the Consumer Goods sector continued its upward movement, while OANDO (+9.85%) buoyed the Energy Sector.

Gainers

Gainers chart was led by DANGCEM when it closed at N133.1 with 10.00% gain, followed by Nigerian Breweries (NB), which closed at N26.8 (9.84%); GTBank N21.9 at 7.09%, Zenith Bank N15.8 at 9.66% and Dangote Sugar N12.7 at 8.55%.

READ ALSO: See 5 signs indicating that Nigeria is heading for a recession

Losers

UBN N6.2 at -4.62%, ARBICO N2.57 (-9.82%), GUINNESS N22.5  (-0.88%), CUTIX N1.2 ( -9.09%), and WEMABANK N0.56 (-9.68%),

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Tags: All Share IndexBANKING INDEXDangote Cement PlcNigerian Business NewsNigerian Stock Exchange (NSE)Zenith Bank Plc

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