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All-Share Index Rises 0 36% as Market Extends Gains
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Nigeria: Following Court Order, NAICOM Stops Insurers Recapitalisation
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Following Court Order, NAICOM Stops Insurers Recapitalisation
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Johnson Okafor
Nigerian stocks, on Wednesday, sustained its positive outlook for the third day as the All-Share Index and market capitalisation rose further by 0.76 per cent each.
Market watchers attributed the development to renewed confidence as bargain hunters continued to leverage on undervalued stocks.
The market breadth closed positive as the number of gainers at the close of trading session was 26 while decliners closed at 13.
The All-Share Index rose by 267.93 basis points or 0.76 per cent to close at 35,493.15 index points as against 35,225.22 recorded the previous day.
The market capitalisation of equities appreciated by N140bn or 0.76 per cent to close higher at N18.55tn from N18.41tn as market sentiment remained on the green territory.
By Goddy Egene
The year-to-date (YTD) growth of the Nigerian Stock Exchange (NSE) All-Share Index (ASI) hit 32.2 per cent yesterday on the back of the continued bull run.
The market has recorded positive performance in the past three days with the NSE ASI gaining 0.76 per cent to close at 35,493.15.
The sustained gains have boosted the YTD growth to 32.2 per cent. Also, the market capitalisation added N 140 billion to close at N18.6 trillion.
The positive performance yesterday was buoyed by buying interest in bellwethers such as Nestle Nigeria Plc, Zenith Bank Plc, and Guaranty Trust Bank Plc. In all, 26 stocks appreciated while 13 stocks depreciated. AXA Mansard Insurance Plc led the price gainers with 10 per cent, trailed by May & Baker Nigeria Plc with 9.8 per cent. NCR Nigeria Plc garnered 9.6 per cent, just as University Press Plc went up 9.2 per cent