Stock market up N383bn on back of bargain hunting

Transactions on the floor of Nigerian Exchange yesterday sustained growth profile, increasing by N383 billion amid bargain hunting activity.

Market capitalisation of listed equity increased by 1.42 per cent to N27.406 trillion from N27.023 trillion reported the previous day.

The NGX All Share Index also appreciated by 709.54 basis points to 50835.95 points from 50126.41 points traded on Wednesday.

Investors traded 462.595 million shares valued at N8.305 billion in 6801 deals against 669.299 million shares valued at N5.988 billion exchanged hands the previous day in 7251 deals.

An analysis for the day showed that Mchichols led gainers table during the day, appreciating by 10 per cent to N0.77, Guinness Nigeria Plc followed with a gain of 10 per cent to N110.00, Nigerian Breweries added 9.95 per cent to N69.05, Fidson gained 9.93 per cent to N9.85, Conoil Plc increased by 9.92 per cent to N28.80.

On the contrary, Transcorp Hotel topped losers chart for the day, dropping by 9.09 per cent to N4.50, Multiverse trailed with a drop of 8.70 per cent to N0.21, FTNCocoa trailed with a loss of 8.70 per cent to N0.36, Mutual Benefits fell by 7.69 per cent to N0.24, Oando Plc down by 7.41 per cent to N5.25.

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