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Stocks gain N81bn as buy-side activity on Nigerian bourse strengthens

In line with market watchers expectations, buy-side activities on the Nigerian Exchange Limited (NGX) strengthened further on Wednesday October 13 as many counters offer investors opportunity to hunt for bargain across board.

The record rally by 0.38percent at the close of trading session on Wednesday helped push the market’s year-to-date (YtD) return higher at +1.94percent. Equity investors booked additional gain of about N81billion at the close of trading.

The market closed in green following rally in the shares of Transcorp Hotel Plc, Champion Breweries Plc, Consolidated Hallmark Insurance Plc, Okomu Oil Palm Plc, University Press Plc and others that helped push the market further high.

Read also: Nigeria needs N350trn to execute 5-year national development plan — FG

Transcorp Hotel shares moved up most from N5.43 to N5.97, up 54kobo or 9.94percent. It was followed by Champion Breweries which rose from N2.53 to N2.78, up 25kobo or 9.88percent.

Consolidated Hallmark Insurance advanced from 55kobo to 60kobo, up 5kobo or 9.09percent. Okomu rose from N115.50 to N125, up N9.50 or 8.23percent, while University Press advanced from N1.50 to N1.60, up by 10kobo or 6.67percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equity market capitalisation appreciated from preceding day’s lows of 40,897.19 points and N21.310trillion respectively to 41,051.19 points and N21.391trillion.

FBN Holdings, Universal Insurance, Ecobank Transnational, GTCO and Fidelity Bank Plc were actively traded stocks on Wednesday on the NGX. In 4,704 deals, investors exchanged 446,172,254 units valued at N4.466billion.

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