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Monday, 25th January, 2021
 Nigeria   ::   News
Stock market begins month with N55bn gain
Dec 02, 2020
Source: CEOAfrica News: Reported by-Joy Onuh

The equity market resumed the new month on a positive note as the All Share index on Tuesday appreciated by 0.30% to settle at 35,147.62 points from the previous close of 35,042.14 points. Investors gain N55 billion as market capitalisation grew by 0.30% to N18.365 trillion from the previous close of N18.310 trillion..

Market watchers attributed the development to renewed confidence as bargain hunters continue to leverage undervalued stocks.

The market breadth, however, closed negative as the number of gainers at the close of trading session was 16 while decliners were 21.

On the activity chart, premium subsector dominated in volume terms with 113.8 million shares exchanged in 1,375 deals. The subsector was enhanced by the activities in the shares of Access Bank Plc and FBNH Plc.

The banking subsector was boosted by the activities on the shares of GTBank Plc and Fidelity Bank Plc followed with 55.64 million units traded in 982 deals.

In all, investors exchanged a total of 308.18 million shares in 4,515 deals.

Further analysis of the day’s trading showed that Caverton Plc led the gainers chart with 9.88 per cent to close at N1.89 per share while Cutix Nigeria Plc followed with 9.80 per cent to close at N1.68 per share and AIICO Insurance Plc with a gain of 9.78 per cent to close at N1.01 per share.

On the flip side, Cornerstone Insurance Plc led the losers’ chart with a drop of 10 per cent to close at 54 kobo per share.

CHI Plc followed with a loss of 9.68 per cent to close at 28 kobo per share while Prestige Assurance Plc dropped by 9.09 per cent to close at 50 kobo per share.

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