• Monday, June 24, 2024
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Market sees slight gain as GTCO, other stocks rally

Stock market sheds N103bn in week ended June 21

Nigeria’s equities trading ended Thursday on a slightly positive note, rising by 0.03 percent or N22billion.

The market’s positive close was driven by investors interests in banking, insurance and industrial goods stocks despite profit taking in consumer goods stocks.

GTCO led the league of gainers after its price increased from N38 to N40, adding N2 or 5.26 percent, followed by that of Oando which increased from N10.20 to N10.70, up by 50kobo or 4.90 percent. Learn Africa also increased from N3 to N3.30, adding 30kobo or 10percent.

The slight close in green at the nation’s bourse following the preceding day’s flat close comes as investor optimism over first-quarter (Q1) financials of listed companies continued to fizzle out of the market.

The market’s year-to-date (YtD) return increased to 31.40percent. The equities market’s performance indicators – the All Share Index (ASI) and market capitalisation – moved from preceding trading day’s lows of 98,223.97 points and N55.552 trillion respectively to 98,255.72 points and N55.570 trillion.

Stocks like Nigerian Breweries, UBA, GTCO, Zenith Bank and Transcorp were actively traded as investors in 8,415 deals exchanged 676,422,174 shares worth N16.664billion.