Nigeria’s Stock Market Ends Bearish Run, Grows 0.25% Midweek

 

The five-day bearish trend at the Nigerian Exchange Limited (NGX), came to an end on Wednesday, August 24 as the bourse closed with a 0.25 per cent gain.

The All Share Index (ASI) gained 22 basis points to settle at 48,675.33 as against its previous close of 48,567.14.

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Investors portfolio grew N65 billion as the market capitalisation pointed north to stand at N26.254 trillion, representing a 0.25 per cent increase from the N26.189 trillion it stood at the end of the previous trading session.

There were more gainers than losers with 16 companies in the gainers’ chart versus 11 companies in the losers’ chart.

NEM Insurance gained 10.00 per cent to become the best performing stock in the session, flanked by Stanbic IBTC, Ecobank Transnational Incorporated, Cutix and Japaul Gold.

Meanwhile, Fidson Pharmaceutical, FTN Cocoa, Unity Bank, FCMB and AIICO Insurance led the top five losers’ charts.

Market activity as measured by the volume of trades waned in the session with daily traded volume standing at 167.569 million units, representing a 17.92 per cent drop from a volume of 204.153 million units traded in the previous session.

The value of those traded stocks on the other hand improved by 5.98 per cent in the session to stand at N3.374 billion as against a value of N3.183 billion recorded in the previous trading session.

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Sectoral indices closed in the same direction as the ASI, with the NGX Insurance sector gaining the most weight in the session, while NGX Growth and NGX ASEM sectors closed flat.

The banking sector dominated the volume charts with Access Corporation as the top traded stock by volume for the trading session. This is followed by United Bank for Africa, FBN Holdings, Guaranty Trust Holding Company and Zenith Bank completing the list of the five most traded stocks by volume.

The value of traded stocks, MTN Nigeria took the lead among the top five performers. It is flanked by Airtel Africa, Nestle Nigeria, FBN Holdings and Zenith Bank.

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