Business and Economy

Nigerian stock market gains 1.30% (673.10 billion) on Monday

The Nigerian stock market started the week with gains as the benchmark index closed 1.30% higher at 95,768.12 points. As a result, the year-to-date return increased to 28.08%, and the market capitalization gained ₦673.10bn to reach ₦52.41trn.The market was driven by strong buying interest in industrial heavyweights such as DANGCEM (+9.99%), FCMB (+2.36%), and UCAP (+0.42%), which outweighed the selling pressure on MTNN (-0.03%), ZENITHBANK (-2.22%), and UBA (-0.16%).

Trade turnover was higher compared to Friday session, with the value of transactions increasing by 10.91%. A total of 721.81bn shares, valued at ₦14.41bn, were exchanged in 15,757 deals. TRANSCORP (-2.36%) topped the volume chart with 66.52m units traded, while NESTLE (-7.19%) led the value chart with deals worth ₦1.97bn. FLOURMILL (-10.00%) was the top laggard among forty-three others, while SUNASSUR (+10.00%) led twenty-three others on the leaders’ log.

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