Business and Economy

Nigeria stock market closes positive on Thursday with 0.27% gain

The benchmark index of the equity market experienced a slight increase of 0.27%, closing at 104,562.06 points. This was primarily driven by renewed interest in MTNN (+0.91%), as well as sustained interest in tier 1 banking tickers GTCO (+0.96%) and ZENITHBANK (+1.14%). Despite losses in DANGSUGAR (-2.07%), STANBIC (-3.45%), and INTBREW (-3.68%), the market remained in positive territory. However, the ASI closed the week 0.08% lower after experiencing losses in two out of four trading sessions.

Throughout the week, losses in MTNN (-1.28% w/w), TRANSPOWER (-1.57% w/w), and FBNH (-8.02% w/w) outweighed the buying interest in GTCO (+7.69% w/w), ZENITHBANK (+11.39% w/w), and UBA (+3.70% w/w), resulting in a negative performance for the market. As a result, the year-to-date return on the index decreased to 39.84%, and the market capitalization lost ₦48.23tn w/w, closing at ₦59.12tn.

Today’s market activities showed an increase in trade turnover compared to the previous session, with the value of transactions rising by 36.61%. A total of 623.08m shares valued at ₦16.95bn were exchanged in 10,257 deals. ZENITHBANK (+1.14%) led the volume chart with 88.36m units traded, while GTCO (+0.96%) led the value chart with deals worth ₦4.11bn.

Market breadth ended on a positive note, with advancing issues outnumbering declining ones at a ratio of 2.31-to-1. MORISON (+10.00%) emerged as the top gainer among thirty-six others on the leader’s table, while FTNCOCOA (-9.60%) led fifteen others on the laggard’s log.

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