Nigerian stocks inch higher by 0.29%

Nigerian stock market headed for a fourth straight gain of trading sessions as the All-Share Index rose by 0.29 per cent to close at 39,128.34 points on Wednesday.

The market capitalisation also rose by 0.29 per cent to N20.48tn as investors gained N59.01bn amid sustained bargain hunting activity.

At the close of the day’s trading, the share prices of 22 stocks rose as against 21 stocks that declined, while the year-to-date loss of the ASI fell to -2.83 per cent.

Tier-1 banking stocks were the toast of investors, thus the share prices of Guaranty Trust Bank, United Bank for Africa, FBN Holdings and Zenith Bank rose by 4.17 per cent, 2.11 per cent, 1.39 per cent and 0.22 per cent respectively.

Three of the five indices tracked closed in the green zone. The banking, industrial and oil and gas indices rose by 2.25 per cent, 0.39 per cent and 0.34 per cent respectively.

But the insurance and consumer goods indices fell by 1.28 per cent and 0.35 per cent respectively.

Trading activity recorded a downward movement as total deals, volume and value of stocks traded dropped.

The total volume of stocks dipped by 29.43 per cent to 239.29 million units, valued at N1.66bn in 3,746 deals.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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