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The stock market recovers as investors gain N896bn

The stock market recovers as investors gain N896bn

The local stock exchange recovered last week, giving investors an N896 billion return.

The market capitalization also increased, closing at N28.602 trillion from N27.706 trillion the previous week.

The composite Nigerian Exchange Limited, NGX All-Share Index, a benchmark indicator of the equity market, recovered to increase 2.5% Week-on-Week, WoW, to
close at 52,512.48 points.

The benchmark Index increased as a result of bargain-hunting activity in MTN, which
contributed 6.9%, Dangote Cement, which contributed 3.1%, and BUA Cement, which contributed 3.6%.

Analysts also underlined that despite strong mood and market breadth, the rebound was also fueled by position-taking in dividend-paying businesses as fourth-quarter and full-year profits started to take center stage this January.

These are anticipated to be released this week along with the December consumer
price index to guide and affect the movement of money across the economy.

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According to market research, the Year to Date (YtD) return grew to 2.5%.

Trading volume and value climbed by 39.5% and 9.1% W/W, respectively, on activity
levels. The banking index saw gains of 3.5%, followed by gains of 3.3% for industrial
goods, 3.2% for oil and gas, and 0.7% for consumer goods. Sectoral performance was largely positive. The single loser of the week under review was the Insurance Index, which fell 1.6%.

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