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Renewed appetite in high cap stocks lifts capitalisation by n145 billion

Renewed appetite in high cap stocks lifts capitalisation by N145 billion


Following financial backers' hunger for some high-promoted stocks, the Nigerian securities exchange resumed the week on an upward note yesterday—the market capitalization valued by N145 billion.

The All Share Index (ASI) rose by 277.17 focuses at the end of exchanges, addressing an expansion of 0.71 percent to close at 39,493.37 focuses.

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Likewise, financial backers acquired N145 billion in esteem as market capitalization went up to N20.663 trillion.

The upswing was affected by gains recorded in medium and huge promoted stocks like MTN Nigeria, Guaranty Trust Bank, Guinness Nigeria, Custodian Investment, and Ecobank Transnational Incorporated.

Investigators at Afrinvest Securities Limited said: "In ensuing exchanging meetings, we expect a blend of purchasing revenue and benefit taking in the values market."

As estimated by market broadness, market opinion was positive, as 28 stocks acquired, comparative with 12 failures.

Courteville Business Solutions and Custodian Investment recorded the most exorbitant cost gain of 10% each to close at 22 kobos and N6.60 kobo. At the same time, Linkage Assurance followed with an increase of 9.80 percent to close at 56 kobos.

Caverton Offshore Support Group went up by 9.52 percent to close at N2.07 kobo while Jaiz Bank valued by 8.47 percent to close at 64 kobos.

Then again, Cornerstone Insurance drove the failures' outline by 9.84 percent to close at 55 kobos. Oando followed with a decay of 6.06 percent to close at N3.10, while Honeywell Flour Mill declined by 4.84 percent to close at N1.18 kobo.

PZ Cussons Nigeria declined by three percent to close at N4.85, while FCMB Group shed 2.68 percent to close at N2.90 kobo.

The complete volume of exchanges rose by 108.1 percent to 522.175 million units, esteemed at N10.651 billion, and traded in 4,566 arrangements.

Exchanges in the portions of Guaranty Trust Bank beat the action graph with 230.371 million offers esteemed at N7.387 billion.

Association Bank of Nigeria followed 79.221 million offers worth N419.838 million, while Wema Bank exchanged 51.942 million offers esteemed at N31.703 million.

Transnational Corporation of Nigeria exchanged 18.685 million offers esteemed at N14.967 million, while Courteville Business Solutions executed 16.85 million offers worth N3.707 million.

Fifteen minutes ago, Manufacturers lamented the return of congestion to Lagos ports.

Thirty minutes ago, NLC ground Turkish Airlines over workers’ rights violations.

Forty-five minutes ago, Ajumogobia said the knowledge toolkit could improve the extractive industry.

One hour ago, the Expert urged CBN to be proactive in FX management.

Two hours ago, Engineers applauded the committee’s role in the port’s electronic call-up scheme.

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