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    Market begins new week on a bullish note

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    By Francis Ekeh

    The domestic equity market began the new trading week with a gain of 0.2% to close at 44,461.63 points.

    The Year-to-date (YTD) return of the market strengthened to 4.1% from 3.9% the previous trading day.

    Top gainers in the market were led by REDSTAREX (+8.2%), BETAGLAS (+5.9%) and WAPIC (+5.9%), while UNILEVER (-10.0%), NEM (-9.5%) and LASACO (-4.6%) posted as monday’s top losers.

    For the day’s trading activities, the total volume traded declined by 23.9% to 72.3mn units, while total value traded gained 15.1% to ₦2.2bn.

    TRANSCORP, NGXGROUP and GTCO led the volume chart with 11.3mn units, 5.6mn units and 5.2mn units respectively.

    However, AIRTELAFRI, NGXGROUP and GTCO led the value chart with ₦1.5bn, ₦120.1mn and ₦97.3mn respectively.

    For indices under our purview, performance was majorly bearish as four indices closed in red, save the Industrial Goods index which closed in green.

    Performance indicates that the Insurance index led the losers with 160bps, followed by the Oil and Gas, Banking and Consumer Goods indices which declined by 38bps, 37bps and 28bps respectively.

    The losses were as a result of investors’ selloffs in NEM (-9.5%), OANDO (-3.1%), STERLNBANK (-3.8%) and VITAFOAM (-10.0%) accordingly

    However, the Industrial Goods index emerged as the sole gainer with 22bps. The gain was accredited to BETAGLAS (+5.9%).

    Red Star Express, the only indigenous logistics company listed on the Nigerian Exchange Limited (NGX), announced its intention to continue investing in the future and set new standards for innovation and technological growth.

    The company’s total assets increased to ₦2.3 trillion in 2021, up from ₦2.0 trillion in 2020, representing 18.3% year-on-year increase. Total liabilities increased by 24.5% to ₦1.4 trillion in the same period under review, up from ₦1.1 trillion in 2020.

    For the fiscal year ended 2019, total asset value of the company was ₦1.7 trillion, up 2.8% from ₦1.6 trillion in 2018.

    Meanwhile, total liabilities increased by 19.3% in 2019 to ₦844.5 billion from ₦707.9 billion in 2018.

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