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Stock market rebounds, indices up 0.55%

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By Olawunmi Ashafa

Lagos, Nov. 16, 2022(NAN) Trading activities at the equity market of the Nigerian Exchange Ltd.(NGX) recorded a positive mood, making investors to gain N130 billion from their investment.

Specifically, the market capitalisation gained N130 billion or 0.55 per cent to close at N23.991 trillion, compared with N23,861 recorded at the previous session.

Major drivers of the bullish sentiment in the market were Guaranty Trust Holding Company (GTCO), MTN Nigeria, BUA Foods, Ecobank Transnational Incorporated (ETI) and Zenith Bank.

Also, the All-Share Index (ASI) rose by 242.19 points or 0.55 per cent to close at 44,050.44 points as against 43,808.26 on Tuesday.

Consequently, the year-to-date (YTD) return rose to 3.12 per cent.

Accordingly, the market breadth flat with 19 gainers and 19 laggards.

Conerstone Insurance led the gainers’ chart in percentage terms by 10 per cent to close at 14k per share.

MRS followed with a gain of 9.73 per cent to close at N14.10, while Zenith Bank appreciated by 8.46 per cent to close at N21.80 per share.

GTCO rose by 6.63 per cent to close at 19.30k, WAPCO Plc appreciated by 5.97 per cent to close at N21.30 per share.

Conversely, Eternal Oil led the losers’ chart in percentage terms by 10 per cent to close at N5. 67 per share.

Guinness Nigeria followed with 9.98 per cent to close at N67.20, while Scoa shed 9.49per cent to close at N1. 43 per share.

Sunu Assurance lost 9.38 per cent to close at 29k, while Courteville Business Solutions dropped by eight per cent to close at 46k per share.

In all, the total volume of shares traded increased by 141.12 per cent.

A total of 159.44 million shares valued at N2.86 billion were exchanged in 3,039 deals.

This is in constrast to 103.47 million shares valued at N1.19 billion exchanged in 3,045 deals on Tuesday.

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