Stock Market Gains N239bn On Positive Sentiment

Nigerian stocks on Wednesday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 1.58 per cent each following gradual return of economic activities after #ENDSARS protests.

The market breadth closed positive as the number of gainers at the close of trading session was 41 while decliners closed at five.

Consequently, the All-Share Index rose by 457.31 basis points or 1.58 per cent to close at 29.437.60 index points as against 28.980.29 recorded the previous day.

Market capitalisation of equities appreciated by N239bn or 1.58 per cent to close higher at N15.39tn from N15.15tn as market sentiment remained in the green territory.

Meanwhile, a turnover of 375.25million shares in 5,947 deals was recorded in the day’s trading.

Premium sub-sector was the most active (measured by turnover volume); with 125.10 million shares exchanged by investors in 1,820 deals.

The volume in the sub-sector was driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.

The banking sub-sector boosted by the activities in the shares of Fidelity Bank Plc and Ecobank Plc followed with a turnover of 107.95 million shares in 1,368 deals.

The number of gainers at the close of the trading session was 41 while decliners closed at five.

Further analyses of the day’s trading showed that Custodian and Allied Investment Plc and Nestle Nigeria Plc topped the gainers’ table with 10 per cent each to close at N6.05 and N1,292.50 per share.

NEM Insurance Plc followed with 9.85 per cent to close at N2.23 per share and International Breweries Plc with a gain of 9.84 per cent to close at N6.70 per share.

On the flip side, Royal Exchange Plc led the losers’ chart with a drop of 8.00 per cent to close at 23 kobo per share.

Cutix Nigeria Plc followed with a loss of 6.84 per cent to close at N1.77 per share while Honeywell Flour Mills Plc dropped by 1.03 per cent to close at 96 kobo per share.