Nigerian Stock Exchange benchmark index rises by 0.51%

Salamatu Ejembi, Lagos

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Nigeria’s equities market recorded the second consecutive trading gains this week, as the benchmark index advanced by 0.51% to 26,569.80 points.

Analysis according to Cordros securities states that “this was driven by gains recorded in GUARANTY TRUST BANK and ZENITH BANK PLC stocks.”

“Consequently, the Month-to-Date and Year-to-Date losses moderated to -1.60% and to -15.46%, respectively.”

Meanwhile, the total volume of trades dipped by 77.38% to 319.69 million units, valued at N3.07 billion and exchanged in 2,503 deals.

UNION DIAGNOSTICS PLC was the most traded stock by volume at 29.33 million units while DANGOTE CEMENT PLC was the most traded stock by value at N1.73 million respectively.

All sector indices closed in green, with the exception of the Industrial Goods (-0.81%) index, as the Consumer Goods (+1.19%), Banking (+1.10%), Insurance (+0.34%) and Oil & Gas (+0.15%) indices recorded gains.

Market sentiment, measured by market breadth, was positive, as 16 stocks recorded gains relative to 13 losers.

PRESCO PLC (+9.51%) and CADBURY NIGERIA PLC (+9.39%) recorded the largest gains, while NEIMETH INTERNATIONAL PHARMACEUTICALS PLC  (-9.59%) and CUTIX PLC (-9.40%) topped the list.

Peace PIAK