Stock Market Extends Gain By N77bn

Nigerian stocks on Wednesday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.71 per cent each.

Market watchers attributed the development to renew of confidence as bargain hunters leverage undervalued stocks.

Consequently, the All-Share Index gained 148.07 basis points or 0.71 per cent to close at 21.073.26 as against 20.925.19 recorded the previous day.

The market capitalisation of equities appreciated by N77bn or 071 per cent to close at N10.982tn from N10.905tn as market sentiment remained in the green zone.

Meanwhile, a turnover of 3646.4 million shares exchanged in 4,660 deals was recorded in the day’s trading.

Premium subsector was the most active (measured by turnover volume); with 149.3 million shares exchanged by investors in 2,328 deals.

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

Banking subsector boosted by activities in the shares of GTBank Plc and Fidelity Bank Plc followed with a turnover of 137.3 million shares in 825 deals.

The number of gainers at the close of trading session was 25 while decliners closed at eight.

ETI Plc and Ikeja Hotel Plc led the gainers’ table with a gain of 10 per cent each to close at N4.40 and 99 kobo per share respectively while Wema Bank Plc followed with a gain of 9.80 per cent to close at 56 kobo per share. Wapco Plc added 9.77 per cent to close at N11.80 per share.

On the other hand, Union Dicon Plc and Skyway Aviation Company Plc led the price losers’ table, dropping 10 per cent each to close at 27 kobo and N2.16 per share respectively. ARDOVA Plc followed with 9.64 per cent to close at N11.25 per share while GSK Plc trailed with a loss of 9.38 per cent to close at N4.35 per share.