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Stock market halts 7 days losing streak



Stock market halts 7 days losing streak


Local equities rebounded on resumed bargain hunting activities as overall performance measures, NSE ASI and market capitalisation, grew by 1.11 per cent each, halting seven days losing streak.
The Nigerian stock market had tumbled for the seventh day as investors retreated following profit takings and low market sentiments.
The bullish activities was driven by consumer goods and financial services stocks, which were highly sought after.
At the close of business, 25 stocks appreciated, while 19 others declined.
Consequently, the All-Share Index gained 463.63 basis points or 1.11 per cent to close at 42,171.80 index points as against 41,708.15 recorded the previous day, while the market capitalisation of equities appreciated by N166 billion or 1.11 per cent to close at N15.133 trillion from N14.967 trillion.
Meanwhile, a turnover of 520.7 million shares exchanged in 5,694 deals was recorded in the day’s trading.
Banking sub-sector of the financial services sector was the most active measured by turnover volume with 2,402 million shares exchanged by investors in 293.7 deals.
Volume in the sub-sector was largely driven by activities in the shares of Skye Bank Plc and UBA Plc.
Insurance sub-sector boosted by activities in the shares of Lasaco Insurance Plc and AIICIO Insurance Plc followed with a turnover of 70.1million shares in 347 deals.
Further analysis of the day’s trading showed that Skye Bank Plc topped the day’s gainers’ table with 10 per cent to close at N1.10 per share, while FCMB Insurance Plc followed with 9.80 per cent to close at N2.80 per share. Diamond Bank Plc added 7.78 per cent to close at N2.91 per share.
On the flip side, First Aluminum Plc led the losers with a drop of 9.09 per cent to close at 40 kobo per share, while Lasaco Insurance Plc shed 5.88 per cent to close at 32 kobo per share. ABC Transport Plc plunged by five per cent to close at 38 kobo per share.

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