• Monday, June 17, 2024
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Market closes slightly in green as investors buy penny stocks

Stocks shed over N860bn as rate hike effect lingers

Investors interest in Nigeria’s penny stocks helped reroute the market to close in green zone ahead of the year’s last trading day.

CHI Plc led the gainers league on Thursday, December 30 after its share price moved from preceding day low of 70kobo to 77kobo, up by 7kobo or 10 percent while Mutual Benefit Insurance followed after rising from 31kobo to 34kobo, up by 3kobo or 9.68percent.

Also on the top advancers list include Regency Alliance which rose from 43kobo to 47kobo, up by 4kobo or 9.30percent while Unity Bank increased from 48kobo to 52kobo, up by 4kobo or 8.33 percent. Wapic Insurance moved from 49kobo to 53kobo, up by 4kobo or 8.16percent.

This week, the market has decreased by 1.06 percent while month-to-date (MtD) it has declined by 0.54 percent.

Read also: Nigeria stocks’ gain nears N1trn mark in 2021

Trading on the local bourse had resumed on a bearish note after the Christmas holidays as downbeat sentiments dominated stock market activities.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) moved from Wednesday’s low of 41,807.10 points to 41,813.27 points at the close of trading session on Thursday, December 30.

The value of listed stocks on the Bourse rose to N21.825trillion as against preceding trading day low of N21.822trillion.

The market increased slightly by 0.01 percent or N3billion on Thursday while its record positive return year-to-date (YtD) increased to 3.83percent.

Jaiz Bank, Access Bank, Sterling Bank, UPDC REIT and NGX Group were most traded stocks on the Nigerian Exchange. In 3,607 deals, equity traders exchanged 359,959,511 units valued at N1.844billion.