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Seplat, Dangote Cement, MTN N, Ardova, others push market cap higher by N325bn

Stock investors lose N293bn as sell pressure persists on NGX

Nigeria’s stock market continued its upward movement on Thursday January 14 as investors moved to position in some of analysts picks for 2021.

The market’s benchmark performance indicator –the NSE All Share Index (ASI) increased by 0.53percent from 40,341.05 points to 40,963.14 points, while the value of listed stocks increased from N21.093trillion to N21.418trillion, up by about N325billion.

Seplat Petroleum Development Company Plc rallied most, from day-open low of N496.5 to N540, up by N43.5 or 8.76percent. Dangote Cement Plc also rallied from a low of
N230 to N237, adding N7 or 3.04percent.

Also, the share price of MTNN advanced from N165 to N168, gaining N3 or 1.82 percent, while Ardova rallied from day open low of N20 to N21.85, adding N1.85 or 9.25percent. Likewise, the share price of NASCON moved from N15.95 to N17.5, adding N1.55 or 9.72 percent.

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The shares of Transcorp, Mutual Benefit, GTBank, Lafarge Africa and FBN Holdings were most traded on the Bourse. In 6,706 deals, investors exchanged 809,362,140 units valued at N8.905billion.

“Following four consecutive sessions of closing in the green, we expect the market to close the week on a very bullish note, as the domestic bourse continues to move higher amidst dominance by the Bulls. However, the possibility of profit taking cannot be overruled”, equity research analysts at Lagos-based Vetiva said in their Thursday note to investors.