Business

NSE advances with N212bn gain

The bulls maintained grip on market activities yesterday as stocks sustained rally for the third trading session following gains recorded majorly by blue chip stocks as investors continued to leverage on undervalued stocks.

The key market performance measure, the NSE All Share Index, rose by 1.25 per cent as market sentiments extended gaining streaks following investors’ sustained optimism on undervalued stocks.

Consequently, the All-Share Index gained 404.05 basis points or 1.25 per cent to close at 32,647.10 as against 32,243.05 recorded the previous day while the market capitalisation of equities appreciated by N212 billion to close at N17.059 trillion from N16.847 trillion as market sentiment remained on the green zone. Meanwhile, a turnover of 578.78 million shares in 7,651 deals was recorded in yesterday’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 238.31 million shares exchanged by investors in 2,820 deals. Volume in the sub-sector was driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.

The banking sub-sector boosted by activities in shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 142.22 million shares in 1,429 deals. The number of gainers at the close of trading session was 39 while decliners closed at 11. Further analysis of the day’s trading showed that Cadbury Nigeria Plc, GSK Plc and Neimeth Pharmaceuticals Plc topped the gainers’ table with 10 per cent each to close at N9.35, N6.60 and N6.60 per share respectively while Nascon Plc followed with 9.96 per cent to close at N15.45 per share and NNFM Plc with a gain of 9.92 per cent to close at N6.65 per share. On the flip side, ABC Transport Plc led the losers’ chart with a drop of 8.82 per cent to close at 31 kobo per share. PZ Cussons Plc followed with a loss of 5.38 per cent to close at N4.40 per share while Chams Plc dropped by 4.35 per cent to close at 22 kobo per share.

 

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