Stock Market Advances With N24bn Gain

The equities market, on Wednesday, extended its rally by N24bn following gains recorded by some blue-chip firms.

The key performance indicators, the Nigerian Stock Exchange All-Share Index and the market capitalisation, appreciated by 0.18 per cent with market breadth closing positive with 18 gainers as against 11 losers.

The ASI rose by 48.3 basis points or 0.18 per cent to close at 25,460.00 as against 25,413.95 recorded the previous day while market capitalisation of equities appreciated by N24bn to close higher at N13.28tn from N13.26tn.

Meanwhile, a turnover of 181.32 million shares in 3,408 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 40.37 million shares traded by investors in 1,044 deals.

Volume in the subsector was driven by trading activities on the shares of the United Bank for Africa Plc and Zenith Bank Plc.

The insurance subsector was boosted by trading activities on the shares of Regency Alliance Insurance Plc and Lasaco Assurance Plc, with a turnover of 31.08 million shares in 183 deals.

Further analysis of the day’s trading showed that Cornerstone Insurance Plc led the gainers’ table with 8.33 per cent to close at 65 kobo per share.

Union Dicon Plc followed with 8.00 per cent gain to close at 27 kobo per share while Regency Alliance Assurance Plc rose by 4.35 per cent to close at 24 kobo per share.

On the other hand, Academy Press Plc and Initiates Plc led the losers’ chart with a drop of 10 per cent each to close at 27 kobo and 63 kobo respectively per share.

Mansard Insurance Plc followed with a loss of 9.2 per cent to close at N1.64 per share while UAC-Property Plc dropped by 8.70 per cent to close at 84 kobo per share.