Stock Market Extends Gain With N58bn

Trading on the floor of Nigerian stock market on Tuesday maintained a bullish trend following gains recorded majorly by blue-chip stocks.

The major market performance measures, the NSE All Share Index and market capitalisation, rose by 0.49 per cent as market sentiments extended its gaining streak following investors’ sustained optimism on undervalued stocks.

Market breath closed positive as the number of gainers at the close of trading session was 18 while decliners closed at 10.

Consequently, the All-Share Index gained 148.07 basis points or 0.49 per cent to close at 22.727.87 as against 22.616.28 recorded the previous day while the market capitalisation of equities appreciated by N58bn or 049 per cent to close at N11.844tn from N11.786tn as market sentiment remained on the green zone.

Meanwhile, a turnover of 266.63 million shares exchanged in 4,259 deals was recorded at the day’s trading.

Premium subsector was the most active (measured by turnover volume); with 163.28 million shares exchanged by investors in 2,021 deals.

Volume in the subsector was largely driven by activities in the shares of FBNH Plc and UBA Plc.

Banking subsector boosted by activities in the shares of GTBank Plc and Fidelity Bank Plc followed with a turnover of 31.99 million shares in 762 deals.

Cornerstone Insurance Plc led the gainers’ table with a gain of 9.26 per cent to close at 59 kobo per share while Lasaco Insurance Plc followed with a gain of 7.69 per cent to close at 28 kobo per share. FCMB Plc added 6.25 per cent to close at N1.70 per share.

On the other hand, Wapic Insurance Plc led the price losers’ table, dropping 7.41per cent to close at 25 kobo per share. Africa Prudential Plc followed with 5.95 per cent to close at N3.48 per share while Caverton Plc trailed with a loss of 4.86 per cent to close at N2.35 per share.