Nigerian Bourse Closes Strong on Tier-1 Banks  Bargain Hunting

Nigerian Exchange Ltd. (NGX) closed on a strong note on Wednesday, with bargain hunting in Tier-1 banks

The Nigerian Exchange Ltd. (NGX) closed on a strong note on Wednesday, with bargain hunting in Tier-1 banks such as Zenith Bank and Guaranty Trust Holding Company (GTCO), as well as SEPLAT, driving the benchmark index higher.

The All-Share Index (ASI) rose 0.19 per cent to 46,777.37 points on Tuesday, up from 46,687.85 on Monday.

Similarly, the market capitalisation increased by 0.19 per cent to N25.218 trillion, up from N25.17 trillion the day before.

The market mood was negative, as 20 equities lost out to 18 gainers, as assessed by market breadth.

Zenith Bank

Meyer had the largest price rise of 8.86 per cent on the Nigerian bourse, closing at 86 thousand dollars per share, while Regal Insurance had a 7.14 per cent gain, closing at 30 thousand dollars per share.

Caverton gained 5.56 per cent to settle at N1.33 a share, while FTN Cocoa gained 6.45 per cent to conclude at 33k per share.

NPF Microfinance Bank, on the other hand, led the losers’ table with a 9.64 per cent drop to N2.25, per share.

Learn Africa followed with a 9.14 per cent drop to settle at N1.69 per share, while Multiverse dropped 8.70 per cent to close at N21,000.

RTBriscoe was down 6.67 per cent to 56k per share, while NASCO fell 5.43 per cent to N12.20 cents per share.

The overall amount of trades on the Nigerian bourse climbed by 17.3% to 257.41 million units worth N2.34 billion, which were exchanged in 4,410 transactions.

The most traded stock by volume was Fidelity Bank, with 66.43 million units exchanged, and the most traded stock by value was GTCO, with N341.23 million traded.

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