New Telegraph

Equities extend gains with N236bn

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The equities market, yesterday, sustained its positive outlook as the overall performance measures, NGX ASI and market capitalisation, rose further by 1.1 per cent. Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks.

Consequently, the All- Share Index rose by 454.4 basis points or 1.1 per cent to close at 41,704.11 index points as against 41,249.71 recorded the previous day while market capitalisation of equities appreciated by N236 billion or 1.1 per cent to close higher at N21.763 trillion from N20.526 as market sentiment remained on the green territory. Meanwhile, a turnover of 216.19 million shares in 4,272 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume) with 85.57 million shares exchanged by investors in 1,280 deals.

Volume in the subsector was driven by activities in the shares of FBNH Plc and Access Bank Plc. The banking sub-sector, boosted by activities in shares of ETI Plc and Fidelity Bank Plc, followed with a turnover of 45.36 million shares in 560 deals. The number of gainers at the close of trad-ing session was 23, while decliners closed at 19.

Further analysis of the day’s trading showed that CutixPlc led the gainers’ table by maximum 10 per cent to close at N5.50 per share, while NGX Group Plc followed with 9.79 per cent to close at N23.55 per share and CHI Plc with a gain of 9.09 per cent to close at 60 kobo per share. On the flip side, TIP Plc led the losers’ chart by a drop of 8.51 per cent to close at 43 kobo per share. Neimeth Pharmaceuticals Plc followed with a loss of 4.86 per cent to close at N1.76 per share while Universal Insurance Plc dropped by 4.76 per cent to close at 20 kobo per share.

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