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NSE: Stocks Close N208b Stronger on Bargain Hunting

By Modupe Gbadeyanka

Bullish trend on the trading floor of the Nigerian Stock Exchange (NSE) was sustained on Friday on active bargain hunting by investors, Business Post reports.

This left the stock market to close for the week today with 1.66 percent rise, extending the rally to second trading session.

Furthermore, the market breadth ended positive with 25 gainers and 12 losers, while the year-to-date return expanded to 37.38 percent.

In addition, the All-Share Index (ASI) rose by 603.98 points to settle at 36,920.56 points, while the market capitalisation propagated by N208.2 billion to finish at N12.7 trillion.

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Though the volume of shares traded today closed slightly higher, the value declined, with investors staking N4.8 billion on 236.6 million shares executed in 3,803 deals compared with 225 million units transacted yesterday in 5,110 deals valued at N5.5 billion.

Like the previous, Dangote Cement led the gainers’ chart after a last minute rally, adding N5.20k to its share price to close at N225 per share.

It was followed by GTBank, which advanced by N2.40k to close at N39.50k per share, and Stanbic IBTC, which grew by N1.85k to end at N38.85k per share.

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Also, Zenith Bank expanded by N1.52k to close at N24.53k per share, while PZ Cussons appreciated by N1.28k to finish at N26.93k per share.

Conversely, Okomu Oil led the losers’ table today with a fall of N3.63k to settle at N69.9k per share.

Nigerian Breweries lost N2.98k to close at N181.2k per share, while Cadbury slumped by 63k to end at N12.7k per share.

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Furthermore, UACN declined by 60k to close at N16 per share, and CCNN depreciated by 45k to finish at N9.22k per share.

Banking stocks still remained investors’ toast at the market with Zenith Bank exchanging 61.9 million shares worth N1.5 billion.

UBA sold 40.4 million shares valued at N380.7 million, while GTBank traded 32.5 million shares at N1.3 billion.

Fidelity Bank transacted 12.4 million shares worth N16 million, and FBN Holdings exchanged 11.7 million shares valued at N70 million.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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