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    Saturday, March 9, 2024

    Investors Gains N420bn as Capital Market Extends Bullish Run

    The Nigerian Capital market continued its bullish run on with the All-Share Index (ASI) appreciating by 0.75 percent at the close of trading, extended its bullish streak in trading to fourth day on Thursday as investors gained N420bn.

    The All-Share Index inched upward above 100,000 points by 0.75 per cent to 100,335.30 points amid weakening interest in banking stocks.

    The market capitalisation advanced by 0.75 per cent to N56.73tn, driving the year-to-date return to 34.2 per cent.

    Investors’ appetite remained strong for consumer goods stocks with strong fundamentals.

    Despite the positive trading, market sentiments remained negative as 26 equities gained while 34 lost.

    The gainers’ chart was led by MTN Nigeria and Dangote Sugar, appreciating by 10 per cent each to close at N201.30 and N50.60, respectively.

    Transcorp Power sustained its positive run for the fourth consecutive, gaining 9.99 per cent to close at N351.30.

    It listed on Monday at N240 per unit.

    On the decliners chart were FTN Cocoa and Guinness, which lost 10 per cent each to close at N1.53 and N45.90, respectively, while Transcorp shed 9.95 per cent to close at N17.10.

    The level of market activity on Thursday was a mixed trend as the total traded volume appreciated by 33.19 per cent to 554.72 million units while the total traded value dropped by 9.11 per cent to N17.73bn, despite a 3.96 per cent uptick in the total deals to 9,708.

    Across sectors, the performance remained bearish as investor sentiments waned in the banking, and insurance indexes, which recorded declines of 2.57 per cent, and 0.15 per cent, respectively, as investors dumped stocks like FBN Holding, Ecobank Transnational Incorporated and Zenith Bank.

    Conversely, the consumer goods and industrial goods indexes closed in the green zone by 0.62 per cent and 0.01 per cent as investors’ interest stayed positive in stocks such as MTN Nigeria, Dangote Sugar, and Transcorp Power.

    Meanwhile, the Oil & Gas index remained unchanged from the previous close.

    Transcorp emerged as the most traded security by volume and value on Thursday with 301.36 million units traded in 2,184 trades and valued at N5.65bn.

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