Stock Market Advances As Investors Gain N23bn

The equities market on Wednesday closed positive with a gain of N23bn following gains recorded by 18 quoted firms.

The key performance indices, NSE ASI and market capitalisation, appreciated by 0.18 per cent with market breathe closing positive with 18 gainers as against 14 losers.

Consequently, the All-Share Index appreciated by basis points or 43.57 per cent to close at 24,693.73 index points as against 24.650.16 recorded the previous trading session.

Market capitalisation of equities grew by N23bn from N12.858tn the previous day to N12.881tn as market sentiment returned to the positive territory.

Meanwhile, a turnover of 101.58 million shares exchanged in 3,685 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 31.37 million shares exchanged by investors in 1,224 deals.

Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and FBNH Plc.

Also, banking sub-sector boosted by the activities in the shares of GTBank Plc and Ecobank Plc followed with a turnover of 28.22 million shares in 775 deals.

Further analysis of the day’s trading showed that in percentage terms, Cornerstone Insurance Plc and Seplat Petroleum Development Company Plc topped the day’s gainers’ table with 10 per cent each to close at 55 kobo and N310.20 per share, respectively.

Prestige Assurance Plc followed with 8.70 per cent to close at 50 kobo per share. PZ Cussons Plc added 5.13 per cent to close at N4.10 per share.

On the flip side, NPF MFB Plc led the losers’ with a drop of 9.92 per cent to close at N1.18 per share while ARBICO Nigeria Plc shed 9.74 per cent to close at N1.39 per share.

Studio Press Plc trailed with 9.55 per cent to close at N1.80 per share.