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Julius Berger, Fidson Lift NGX Index by 0.40%

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By Dipo Olowookere

The Nigerian Exchange (NGX) recorded a 0.40 per cent growth on Thursday, thanks to Julius Berger, Fidson and 22 other equities, which gained during the session.

However, Dangote Cement, one of the market bellwethers, had a huge influence on the rise in the stock market yesterday as its share price improved by more than 7 per cent.

Business Post reports that during the session, the All-Share Index (ASI) went up by 158.11 points to settle at 39,461.20 points in contrast to the previous close of 39,303.09 points, while the market capitalisation jumped by N83 billion to N20.652 trillion from N20.569 trillion.

A total of 270.7 million shares worth N2.0 billion exchanged hands in 3,897 deals yesterday compared with the 259.5 million shares worth N1.9 billion traded in 3,547 deals on Wednesday.

FBN Holdings was the most traded stock yesterday and this may have been influenced by the leadership crisis one of its subsidiaries, First Bank of Nigeria Limited, is currently facing.

The issue triggered some investors to trim their stakes in the banking firm and on Thursday, a total of 51.5 million units valued at N359.8 million were traded.

Transcorp sold 42.5 million shares worth N40.0 million, Eko Corporation exchanged 20.0 million stocks for N118.0 million, Sovereign Trust Insurance traded 18.0 million equities worth N4.2 million, while Access Bank transacted 16.7 million units for N122.2 million.

On the price movement chart, Julius Berger and Fidson appreciated by 10.00 per cent each to close for the day at N20.90 and N5.28 respectively.

Eko Corporation gained 9.26 per cent to quote at N5.90, Consolidated Hallmark Insurance grew by 9.09 per cent to 36 kobo, while Royal Exchange increased by 8.89 per cent to 49 kobo.

On the losers’ table, CWG was on top after its share price went down by 9.84 per cent to N2.29, Mutual Benefits Assurance reduced by 7.50 per cent to 37 kobo, FBN Holdings crashed by 6.76 per cent to N6.90, Coronation Insurance dropped 3.85 per cent to 50 kobo, while Honeywell Flour decreased by 3.76 per cent to N1.28.

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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