Investors Gain N54bn As Stock Market Rises Further
The equity market sustained its positive outlook on Tuesday for the seventh trading session as the Nigerian Stock Exchange All-Share Index rose further by 0.39 per cent.
Market watchers attributed the development to sustained confidence as bargain hunters leveraged under-valued stocks.
The market breadth closed on a positive note with 16 gainers against 11 losers.
The ASI gained 104.12 basis points or 0.39 per cent to close at 26,611.96 as against the 26,507.84 recorded the previous day.
The market capitalisation of equities appreciated by N54bn to close at N13.91tn from N13.85tn as market sentiment remained in the green zone.
A turnover of 413.10 million shares traded in 4,681 deals was recorded in the day’s trading.
The premium subsector was the most active (measured by turnover volume) with 208.65 million shares exchanged by investors in 2,171 deals.
Volume in the subsector was largely driven by trading activities on the shares of the United Bank for Africa Plc and Zenith Bank Plc.
The banking subsector was boosted by trading activities on the shares of Sterling Bank Plc and Guaranty Trust Bank Plc, with a turnover of 122.34 million shares in 602 deals.
Wema Bank Plc led the gainers’ table with a gain of 7.55 per cent to close at 57 kobo per share while AIICO Insurance Plc followed with a gain of 6.33 per cent to close at 84 kobo per share.
Africa Prudential Plc appreciated by 4.00 per cent to close at N4.68 per share.
On the other hand, e-Transact Plc led the price losers’ table, dropping 9.965 per cent to close at N2.35 per share.
Cornerstone Insurance Plc followed with a loss of 8.45 per cent to close at 65 kobo per share while WAPCO Plc dropped by 6.25 per cent to close at N15.00 per share.