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Geregu and Seplat increase their market capitalization by N142 billion.

The stock market started the new month with a fourth straight gain as the market reached 142 billion naira on Wednesday at the bottom of the Nigerian stock exchange.

The Jeonju Index closed at 53,499.68 points, up 261.01 points and 0.49% from the previous trading day.

Thus, investors acquired a value of 142 billion naira as the market capitalization increased to 29 trillion.

The rally was fueled by registered gains in mid-cap and large-cap stocks including Seflat Energy, Nestlé Nigeria, Geregu Power, Nigeria Exchange Group and Stanbig IBTC Holdings.

The market size remained unchanged: 20 winners and 20 losers.

Industrial and medical gases Nigeria and Seflat Energy posted record highs of 10%
each, with N7.70 Kobo and N1210 per share.

By comparison, Northern Nigeria Flour Mills closed at 8.10 kobos per share, a 9.46% yield.

Shares of International Energy Insurance rose 9.33% to 82 kobos, while shares of a Nigerian air handling company rose 9.26% to N8.85 per share.

On the other hand, Guinness Nigeria topped the losing list, falling 10% to N63.00 per share.

Ardova followed suit, dropping 9.95% to N17.20, while Academy Press dropped 9.85 to close at N1.19 Kobo per share.

Briscoe Nigeria closed down 9.68% to 28 kovos and Cornerstone Insurance shed 8.33% to 55 kobos a share.


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