New Telegraph

Equities advance, record N77bn gain

Nigerian equities market yesterday sustained its positive outlook as the overall performance measures, NGX ASI and market capitalisation, rose further by 0.3 per cent. Market watchers attribute the development to sustained confidence as bargain hunters leverage undervalued stocks. Consequently, the NGX–All-Share Index rose by 143.07 basis points or 0.3 per cent to close at 47.510.38 index points as against 47.367.31 recorded the previous day while market capitalisation of equities appreciated by N77 billion or 0.3 per cent to close higher at N25.613 trillion from N25.536 trillion as market sentiment remained on the green territory.

Meanwhile, a turnover of 385.18 million shares in 6,209 deals was recorded in the day’s trading. The banking sub-sector was the most active (measured by turnover volume); with 153.37 million shares exchanged by investors in 1,166 deals. Volume in the sub-sector was driven by activities in shares of Fidelity Bank Plc and Sterling Bank Plc.

The premium sub-sector boosted by activities in shares of Access Bank Plc and Zenith Bank Plc followed with a turnover of 98.24 million shares in 1,648 deals. The number of gainers at the close of trading session was 21 while decliners closed at 16. Further analysis of the day’s trading showed that SFSREIT Plc led the gainers’ table by 10 per cent to close at N77.00 per share while Meyer Plc followed with 7.38 per cent to close at N1.60 per share and UPDC Plc with a gain of 7.38 per cent to close at 88 kobo per share. On the flip side, Dangote Sugar Plc led the losers’ chart with a drop of 5.09 per cent to close at N15.85 per share. R.T Briscoe Plc followed with a loss of 5.00 per cent to close at 57 kobo per share while Africa Prudential Plc dropped by 4.76 per cent to close at N6.00 per share.

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