Local equities market begins week with 0.72 per cent gain

Bullish sentiments persist at the Nigerian Stock Exchange (NSE), as the local bourse started the new week with 0.72 per cent increase in its All Share Index (ASI) to record the seventh consecutive growth.

Specifically, the ASI closed equities market at 26,507.84 basis points amid interest in the stocks of MTN Nigeria, WAPCO and FBN Holdings as they appreciated by two per cent, 6.3 per cent and 3.9 per cent respectively.

Consequently, the Month-to-Date gain increased to 4.7 per cent while the Year-to-Date loss moderated to -1.3 per cent, just as the equities market capitalisation was capped at N13.85 trillion. The Exchange recorded 19 gainers as against eight losers at the close of the trading session.

Similarly, performance across sub-sector gauges tracked closed in positive territory: the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices rose by 0.26 per cent, 1.82 per cent, 0.53 per cent, 1.33 per cent and 0.53 per cent respectively.

Meanwhile, the total volume of stocks traded rose by 0.32 per cent to 0.33 billion units; however, the value of stocks traded moderated by 5.80 per cent to N4.03 billion, exchanged in 4,602 deals. Zenith Bank stocks were the toast of investors on Monday as it was the most traded stock by volume and value at 89.51 million units and N1.55 billion, respectively.

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