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Industrial Goods Stocks Lift Market by 0.21%

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By Dipo Olowookere

The Nigerian Stock Exchange (NSE) registered its first gain of the week on Friday following the positive performance of stocks in the industrial goods sector of the market and others.

The equities market rebounded yesterday by 0.21 percent to shrink the year-to-date loss to 5.77 percent.

The All-Share Index (ASI), which closed on Thursday at 29,553.12 points, increased on Friday by 63.26 points to settle at 29,616.38 points.

In the same vein, the market capitalisation, which finished at N11.100 trillion in the previous session, appreciated by N24 billion yesterday to end at N11.124 trillion.

Business Post reports that the industrial goods sector appreciated by 1.19 percent on Friday as a result of the 4.94 percent growth posted by CCNN.

The banking index appreciated by 0.33 percent, the consumer goods sector rose by 0.17 percent, while oil and gas closed flat.

However, the insurance sector recorded a decline of 0.58 percent yesterday.

It was observed that a total of 17 stocks appreciated in value on Friday, while 11 equities registered their presence on the losers’ table.

CCNN was the day’s biggest price gainer as the stock added 80 kobo to its value to close at N17 per unit.

It was trailed by Dangote Flour, which rose by 55 kobo to end at N8.55k per share, and Cadbury Nigeria, which increased by 50 kobo to finish at N10.50k per share.

Union Bank appreciated by 35 kobo to finish at N7 per share, while Africa Prudential garnered 21 kobo to finish at N3.76k per share.

On the flip side, GlaxoSmithKline closed the day sitting on top of the losers’ chart with a 65 kobo loss to settle at N9.50k per share.

Fidson depreciated by 45 kobo to finish at N4.50k per share, while UAC Nigeria went down by 25 kobo to end at N7.35k per share.

Flour Mills also fell by 25 kobo yesterday to settle at N17.30k per share, while Zenith Bank shed 15 kobo to close at N20.35k per share.

A look at the activity chart showed a situation where the volume of shares exchanged by investors decreasing by 19.62 percent to 401.2 million from 499.1 million, while the value rose by 20.66 percent to N3.5 billion from N2.9 billion.

Like in the previous trading day, Sterling Bank recorded the largest volume of trade, closing with 59.9 million units of its shares sold for N149.9 million.

Chams traded 56 million equities worth N13.2 million, while FBN Holdings transacted 55.5 million shares for N409.2 million.

GTBank exchanged 37.8 million equities for N1.3 billion, while Access Bank traded 35.6 million shares valued at N203.3 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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