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Nigeria Stock market gains N50bn on blue-chip firms

Equity trading on the floor of the Nigerian Stock Exchange on Wednesday closed on a positive note with a gain of N50bn to halt the previous two days’ losses.

The NSE All-Share Index appreciated by 0.23 per cent with market breadth closing positive with 55 gainers as against 16 losers.

The ASI gained 96.09 basis points or 0.23 per cent to close at 41,147.72 as against 41,051.63 recorded the previous day while the market capitalisation of equities appreciated by N50bn or 0.23 per cent to close at 21.52tn from N21.47tn as market sentiment returned to the green zone.

Meanwhile, a turnover of 849.65 million shares exchanged in 6,297 deals was recorded in the day’s trading.

The insurance sub-sector was the most active (measured by turnover volume), with 215.22 million shares exchanged by investors in 856 deals.

Volume in the sub-sector was largely driven by activities in the shares of AXA Mansard Insurance Plc and Mutual Benefit Assurance Plc.

The premium sub-sector, boosted by activities in the shares of Access Bank Plc and Zenith Bank Plc, followed with a turnover of 56.6 million shares in 1,179 deals.

Deap Capital Plc, Mutual Benefit Plc, NNFM Plc, Niger Insurance Plc, Royal Exchange Plc and Sovereign Trust Insurance Plc led the gainers’ table with a gain of 10 per cent each to close at 22 kobo, 55 kobo, N8.80, 33 kobo and 44 kobo per share respectively.

Livestock Feeds Plc and BOC Gases Plc followed with a gain of 9.80 per cent each to close at N2.80 and N15.12 per share respectively. CHI Plc added 9.76 per cent to close at 45 kobo per share.

On the other hand, SUNU Assurance and AXA-Mansard Plc led the price losers’ table, dropping 10 per cent each to close at 90 kobo and N1.53 per share.

Japaul Gold Plc followed with 9.38 per cent to close at N1.16 per share while Afromedia Plc trailed with a loss of 9.09 per cent to close at 20 kobo per share.

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