Nigerian equities market, yesterday, sustained its positive outlook as the overall performance measures, NGX ASI and market capitalisation, rose further by 0.30 per cent. Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks. Consequently, the All- Share Index rose by 131.19 basis points or 0.30 per cent to close at 43,607.94 index points as against 43,476.76 recorded the previous day, while market capitalisation of equities appreciated by N71 billion or 0.30 per cent to close higher at N23.497 trillion from N23.476.75 trillion as market sentiment remained on the green territory. Meanwhile, a turnover of 174.61 million shares in 3,716 deals was recorded in the day’s trading.
The insurance subsector was the most active (measured by turnover volume) with 52.06 million shares exchanged by investors in 284 deals. Volume in the subsector was driven by activities in shares of Sovereign Trust Insurance Plc and Mutual Benefits Assurance Plc.
The premium sub-sector, boosted by activities in shares of FBNH Plc and UBA Plc, followed with a turnover of 64.62 million shares in 1,051 deals. The number of gainers at the close of trading session was 24, while decliners closed at 13. Further analysis of the day’s trading showed that BUA Foods Plc led the gainers’ table by 10 per cent to close at N48.40 per share, while Academy Press Plc followed with 9.09 per cent to close at 60 kobo per share and Meyer Paints Plc with a gain of 8.70 per cent closed at 50 kobo per share. On the flip side, SUNU Assurance Plc led the losers’ chart with a drop of 9.76 per cent to close at 37 kobo per share. NEM Insurance Plc followed with a loss of 9.76 per cent to close at N4.15 per share while FTN Cocoa Plc dropped by 7.69 per cent to close at 36 kobo per share.