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Investors recoup N122bn as stock index overturns losses

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Stock index up 1.6% on bargain hunting in large-cap stocks

Investors realised N122 billion gain on stock assets on Monday as the open session of the week overturned earlier losses recorded in the market.

This uptick is equivalent to 0.93 per cent rise in the Nigerian Stock Exchange All-Share Index NSEASI), gaining 233.66 points to close at 25,249.96 basis points.

Similarly, market capitalization surged in the same percentage to close at N13.172 trillion on Monday from N13.050 it ended the previous session.

On the activity chart, the premium sub-sector dominated with 82.71 million shares traded in 1,617 deals, buoyed by activities in the shares of FBN Holdings Plc and the United Bank for Africa Plc.

The total volume of trades increased by 7.5 per cent to 230.49 million units, valued at NGN2.17 billion and exchanged hands in 4,621 deals.

FBNH was the most traded stock by volume at 34.50 million units while GUARANTY was the most traded stock by value at N550.14 million.

Sectoral performance was positive, following 2.4 per cent gains in the industrial goods index, 1.6 per cent rise in insurance index and 1.1 per cent, 0.2 per cent and 0.04 per cent appreciation in banking, oil and gas and consumer goods indices respectively.

Market sentiment, as measured by market breadth, was positive as 31 tickers gained, relative to 11 losers.

WAPIC and Fidson appreciation in prices by 10 per cent and 9.8 per cent to emerge top gainers of the day; while JAPAULOIL and CORNERST slipped by 10 per cent and 9.1 per cent respectively to lead nine other decliners.

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