Stock Market Advances With N5bn Gain

The bulls maintained their grip on the market activities, following gains recorded majorly by blue-chip stocks as investors positioned to leverage undervalued stocks.

The key market performance measures, the NSE All Share Index and market capitalisation rose by 0.03 per cent as market sentiments extended, gaining streaks to the second day following investors’ sustained optimism.

The market breadth closed positive with 12 gainers against 11 losers.

Consequently, the All-Share Index rose by 8.41 basis points or 0.03 per cent to close at 30.741.88 index points as against 30.733.47 recorded the previous day.

Market capitalisation of equities appreciated by N5bn to close higher at N16.07tn from N16.06tn as market sentiment remained in the green territory.

Meanwhile, a turnover of 286.45 million shares in 2,889 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 191.27 million shares exchanged by investors in 1,103 deals.

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 GTB Plc and Fidelity Bank Plc followed with a turnover of 18.95 million shares in 434 deals.

Further analysis of the day’s trading showed that CHI Plc topped the gainers’ table with 8.82 per cent to close at 37 kobo per share while Prestige Assurance Plc followed with 7.41 per cent to close at 58 kobo per share and FCMB Plc with a gain of 5.17 per cent to close at N3.05 per share.

On the flip side, Mutual Benefits Assurance Plc led the losers’ chart with a drop of 4.76 per cent to close at 20 kobo per share.

Wema Bank Plc followed with a loss of 3.13 per cent to close at 62 kobo per share, while Julius Berger Plc dropped by 2.57 per cent to close at 7.05 per share.