Business and Economy

Nigerian stock market continues on recovery path as it gains 1.51% on Thursday

the Nigerian stock market continued its recovery on Thursday as the NGX All-Share Index ended the days trading activities with a 1.51% gain to close at 54,413.21 points. As a result, the year-to-date (YTD) return of the ASI increased to 6.17%, and the market capitalization increased by 440.93 billion dollars to close at 29.64 trillion.

Trade turnover saw 3,718 transactions involving 973.64 million shares worth N4.23 billion completed. The key factors in the market’s good performance were investor interest in telco heavyweight MTNN (+8.89%), as well as ZENITHBANK (+0.78%) and GTCO (+1.39%). Despite the rise, the market is still expected to lose money each week.

With 455.53 million units exchanged, TRANSCORP (+0.00%) dominated the volume chart, while FIDELITYBK (+0.19%) headed the value chart with transactions totaling $746.82 million. On the leader’s log, OANDO (+9.98%) outperformed nineteen (19) rivals, while PZ (-5.88%) outperformed eight (8) rivals.

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