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Stock market closes positive amid bargain hunting

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The stock market extended its gaining streak on Friday closing the week in green, following investors’ interest in some consumer goods stocks.

Specifically, the market capitalisation gained N53 billion to close at N27.459 trillion against N27.406 trillion on Thursday.

Similarly, the All-Share Index increased by 99.08 points to close at 50,935.03 from 50,835.95 posted on Thursday.

The positive performance of the market was driven by bargain hunting in shares of Champion, International Breweries, Cadbury, PZ and NAHCO,

In terms of sectoral performance, Insurance index, NGX Consumer Goods index, NGX Oil and Gas and the NGX Industrial index rose by 1.34 per cent 0.98 per cent, 1.39 per cent, 0.79per cent and 0.13 per cent, respectively.

The market closed negative with 45 losers relative to 14 gainers.

Caverton led the gainers’ chart in percentage terms by 10 per cent to close at N1.32 per share.

Champion followed with 9.87 per cent to close at N3.34, while Learn Africa appreciated by 9.81 per cent to close at N2.35 per share.

International Breweries rose by 9.76 per cent to close at N6.75, while Cadbury gained 9.72 per cent to close at N13.56 per share.

On the other hand, Living Trust drove the losers’ chart in percentage terms with 9.68 per cent to close at N1.12 per share.

CWG followed with 6.25 per cent to close at 90k, while Stanbic was down by 6.17 per cent to close at N34.20 per share.

Ikeja Hotel depreciated by 5.19 per cent each to close at N1.35.

Also, Veritas Kapital lost by 4.55 per cent 21k per share.

The total volume traded increased by 0.8 per cent to 466.28 million units valued at N5.309 billion exchanged in 7,442 deals.

This was against a total of 462.60 million shares worth N8.305 billion achieved in 6,801 deals on Thursday.

Transactions in the shares of Living Trust topped the activity chart with 88.57 million shares valued at N99.2 million.

Transcorp followed with 40.51 million shares worth N48.31 million, while Fidelity Bank traded 30.4 million shares valued at N111.97 million.

Covertville traded 29.62 million shares worth N14.82 million, while Zenith Bank transacted 24.05 million shares valued at N588.66 million.

Olawunmi Ashafa

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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