Equities sustain upward trend, ASI up 0.53%

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Driven by buying interest in bellwether stocks, the Nigerian stock market yesterday closed upbeat as the All-Share Index (ASI) increased by 0.53 per cent to close at 29,347.62 points.

Similarly, the market capitalisation rose by N58 billion from N10.965 trillion recorded in the previous trading session to N11.023 trillion.

At the sound of the closing gong, market breadth turned positive as 15 stocks appreciated in value, while seven others depreciated.

NEM topped the gainers’ chart with 10 per cent to close at N2.20 per share. Niger Insurance followed with a gain of 10 per cent to close at 0.22 kobo, Fidelity Bank increased by 8.70 per cent to close at N2, UCAP notched up by 6.54 per cent to close at N2.77 while FBN Holdings garnered 6.12 per cent to close at N7.80. On the flipside, Ikeja Hotel topped the losers’ chart with 9.76 per cent to close at N1.85 per share. ABC Transport was next with a decline with 8.33 per cent to close at 0.44 kobo, Eterna lost 8.05 per cent to close at N4, Chams fell by 7.14 per cent to close at 0.26 kobo, while Flourmill decreased by 2.35 per cent to close at N16.60.

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