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Business News of Thursday, 5 May 2022

Source: punchng.com

31 stocks drive investors’ gain by N262.8bn

Nigerian Exchange Limited (NGX) Nigerian Exchange Limited (NGX)

Investors gained N262.8bn on Wednesday at the end of trading on the floor of the Nigerian Exchange Limited.

The Federal Government had declared Monday and Tuesday as public holidays to mark the Workers Day and Eld-el-Fitr celebrations.

The market capitalisation of the equities listed on the NGX rose by 0.98 percent to N27.023tn on Wednesday from N26.760tn on Friday.

The NGX All-Share Index also rose to 50,126.41 basis points from 49,638.94 basis points.

Thirty-one companies recorded gains at the end of trading on Monday, while 27 companies recorded losses.

A total of 669.299 million shares valued at N5.988bn were traded by investors in 7,251 deals.

Okomu Oil and Wema Bank topped the gainers list as their share prices rose by 10 percent each to N161.70 and N3.85 respectively.

Also, NB’s share price also appreciated by 9.98 percent and rose to N62.8 while Eterna and Presco gained 9.97 percent each and rose to N6.62 and N157.7 respectively.

Oando, Transexpr and Mansard topped the losers list as their share price fell by 10 percent, 9.88 percent and 7.79 percent to close at N5.67, 73kobo and N2.25 respectively.

Also on the losers’ list, Ikeja Hotel, Cutix and FCMB’s share prices fell by 7.14 percent, 6.15 percent and 5.93 percent to close at N1.30, N2.29 and N3.65 respectively.

Parthian Securities stated that the equity market reached new highs on Wednesday, crossing the 50,000 for the first time in over a decade.

“We expect the current trend to be sustained at Thursday’s trading session as the positive conditions driving the market remains,” it stated.