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NSE LIVE! Equities open with modest rally

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NSE LIVE! Equities sustain rally with N69bn gain

After losing N71 billion last week, Nigerian equities opened this week with a tinge of bargain-hunting as investors sought out undervalued value stocks.

All key indices at the Nigerian Stock Exchange (NSE) showed improved performance. With 17 gainers to 12 losers, average day-on-day gain stood at N11 billion, equivalent to 0.12 per cent.

Aggregate market value of all quoted equities on the NSE rose from the opening value of N8.807 trillion to close on Monday at N8.818 trillion. The All Share Index (ASI)- the value-based index that tracks prices at the Exchange, also inched up from the opening index of 25,454.93 points to close at 25,485.17 points. Average year-to-date return now stands at -5.17 per cent.

Read also: NSE RoundUp! Nigerian equities lose N71bn amidst global decline

Seven-Up Bottling Company led the gainers with a gain of N3.99 to close at N80. Unilever Nigeria rose by N1.60 to close at N33.90. PZ Cussons Nigeria added 60 kobo to close at N14.59. Stanbic IBTC Holdings rallied 29 kobo to close at N18 while United Bank for Africa chalked up 11 kobo to close at N5.50.

Total turnover rose above average with exchange of 561.48 million shares worth N2.47 billion in 3,032 deals. Staco Insurance was the most active with 333.55 million shares valued at N166.78 million. Zenith Bank followed with 52.91 million shares worth N724.58 million.

On the negative sir, Lafarge Africa led the losers with a drop of N1.11 to close at N39.90. Ecobank Transnational Incorporated dropped by 18 kobo to close at N9 while Champion Breweries lost 12 kobo to close at N2.28.

Market analysts said they expected corporate earnings reports and undervaluation of stocks to dictate the direction of the stock market this week.

 

 

 

 

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