Stock Market Extends Rally, Gains N19bn

The Nigerian equity market sustained its positive outlook on Thursday for the third consecutive trading session as the key performance indicators rose by 0.14 per cent.

Market watchers attributed the development to sustained confidence as bargain hunters leverage under-valued stocks.

The market breadth closed positive with 17 gainers against 11 losers.

The Nigerian Stock Exchange All-Share Index appreciated by 33.28 basis points to close at 25,204.60bp s from the 25,171.32bps recorded the previous trading session.

The market capitalisation of equities grew by N19bn from N13.13tn the previous day to N13.15tn as market sentiment remained in the positive territory.

Meanwhile, a turnover of 179.52 million shares traded in 3,055 deals was recorded in the day’s trading.

The banking subsector was the most active (measured by turnover volume), with 42.92 million shares traded by investors in 456 deals.

The volume in the subsector was largely driven by trading activities on the shares of Guaranty Trust Bank Plc and Ecobank Plc.

The premium subsector was boosted by the trading activities on the shares of FBN Holdings Plc and Zenith Bank Plc, with a turnover of 32.64 million shares in 920 deals.

Further analysis of the day’s trading showed that International Breweries Plc topped the gainers’ table with the maximum 10 per cent to close at N3.30 per share.

It was followed by Cutix Plc as it gained 9.71 per cent to close at N1.92 per share, while Neimeth Pharmaceuticals Plc appreciated by 9.55 per cent to close at N1.95 per share.

On the other hand, Studio Press Plc led the losers with a drop of 9.60 per cent to close at N1.79 per share while UACN Property Development Company Plc shed 9.47 per cent to close at 86 kobo per share.

ABC Transport Plc lost 8.51 per cent to close at 43 kobo per share.