Nigeria: Market indices on the upward swing

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The market indices of the Nigerian Stock Exchange appreciated by 1.1 per cent on Wednesday due to price gains by some blue chips.

The All-Shares Index, which opened at 21,347.17, appreciated by 226.67 points or 1.1 per cent to close at 21,573.84.

Similarly, the market capitalisation grew by N73 billion or 1.1 per cent to close at N6.887 trillion from N6.814 trillion recorded on Tuesday.

Nestle led the price gainers’ chart with N21.25 to close at N446.25 per share.

Guinness followed with a gain of N8 to close at N228 per share, while Dangote Cement grew by N2 to close at N110 per share.

Nigerian Breweries appreciated by N1.12 to close at N101 per share, while Unilever rose with N1 to close at N31 per share.

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On the other hand, NewGold topped the loser’s chart with N28 to close at N2,482 per unit.

Julius Berger trailed with a loss of N1.45 to close at N27.63 per share, while Oando dropped 68k to close at N13.10 per share.

UAC-Property also depreciated by 43k to close at N8.82, while Cement Company of Northern Nigeria (CCNN) shed 27k to close at N5.63 per share.

The banking sub-sector remained the toast of investors, exchanging 4.39 billion shares worth N16.33 billion in 1,677 deals.

UBN came first with 4.31 billion shares worth N15.83 billion traded in 55 deals, while FBN followed with 10.42 million shares valued at 113.35 million traded in 45 deals.

A total of 4.5 billion shares worth N17.13 billion were traded in 3,263 deals on Wednesday against 231.69 million shares worth N1.72 billion traded in 3,959 deals on Tuesday.

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