Stock market grows by N138 billion in 24 hours

The Nigerian Exchange Ltd. gained N138 billion on Friday as investors continued to buy Tier-one bank stocks.

Specifically, the market capitalisation, which started at N55.900 trillion, increased by N138 billion, or 0.25 percent, to N56.038 trillion.

The All-Share Index also gained by 315.41 points, or 0.25 percent, to settle at 102,104.88, up from 102,149.93 on Thursday.

As a result, the year-to-date (YTD) return increased to 36.95 percent.

Tier-one bank stocks, including Zenith Bank, Guaranty Trust Holding Company (GTCO), and United Bank of Africa (UBA), kept the market buoyant.

The market breadth concluded positive, with 44 gainers and 13 losers.

Japaul Gold Group led the gainers, increasing by 10% to settle at N3.08 per share.

PZ Cussons increased 9.92% to conclude at N36, while Royal Exchange Assurance rose 9.86% to close at 78k per share.

Honeywell Flour Mills increased by 9.84% to close at N4.91, while Sunu Assurances increased by 9.75% to N2.25 per share.

The Initiative Plc (TIP) headed the losers’ table by 6.88%, closing at N2.30 per share.
Jaiz Bank trailed by 6.39 percent, closing at N2.93 per share.

Tantalizer fell 6% to settle at 47k, while Daar Communications fell 4.26 percent to close at 90k a share.

International Breweries fell 3.99 percent to finish at N5.30 per share.

Analysis of market operations revealed that trade turnover settled lower than the previous session, with the value of transactions falling by 14.09 percent.

Meanwhile, investors swapped 519.39 million shares for N8.85 billion in 11,301 transactions.

Japaul Gold Group was the most active stock, trading 59.17 million shares for N181.19 million.

United Bank of Africa (UBA) followed with 48.69 million shares worth N1.48 billion, while Universal Insurance came in third with 39.88 million shares worth N18.49 million.
GTCO sold 24.65 million shares worth N1.08 billion, while United Capital Plc sold 22.31 million units for N498.52 million.

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