Stock Market Sustain Positive Sentiment With N140bn Gain

Nigerian stocks, on Wednesday, sustained its positive outlook for the third day as the All-Share Index and market capitalisation rose further by 0.76 per cent each.

Market watchers attributed the development to renewed confidence as bargain hunters continued to leverage on undervalued stocks.

The market breadth closed positive as the number of gainers at the close of trading session was 26 while decliners closed at 13.

The All-Share Index rose by 267.93 basis points or 0.76 per cent to close at 35,493.15 index points as against 35,225.22 recorded the previous day.

The market capitalisation of equities appreciated by N140bn or 0.76 per cent to close higher at N18.55tn from N18.41tn as market sentiment remained on the green territory.

Meanwhile, a turnover of 650.55 million shares in 3,954 deals was recorded in the day’s trading.

Banking sub-sector was the most active (measured by turnover volume); with 431.57 million shares exchanged by investors in 623 deals.

Volume in the sub-sector was driven by activities in the shares of Jaiz Bank Plc and Fidelity Bank Plc.

Premium sub-sector boosted by the activities in the shares of Zenith Bank Plc and Access Bank Plc followed with a turnover of 61.93 million shares in 140 deals.

Further analysis of the day’s trading showed that AXA-Mansard Assurance Plc led the gainers’ table with 10 per cent to close at 77 kobo per share while May and Baker Plc followed with 9.60 per cent to close at N3.89 per share and NCR Plc with a gain of 9.60 per cent to close at N2.17 per share.

On the flip side, Cornerstone Insurance Plc led the losers’ chart with a drop of 8.33 per cent to close at 55 kobo per share.

Linkage Assurance Plc followed with a loss of 8.16 per cent to close at 45 kobo per share while Lasaco Assurance Plc dropped by 6.06 per cent to close at 31 kobo per share.