Business

NSE extends gain with N325bn

Nigerian stock market yesterday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 1.54 per cent. Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks. Consequently, the All-Share Index rose by 622.09 basis points or 1.54 per cent to close at 40,963.14 index points as against 40,341.05 recorded the previous day while market capitalisation of equities appreciated by N325 billion or 1.54 per cent to close higher at N21.418 trillion from N21.093 trillion as market sentiment remained on the green territory.

Meanwhile, a turnover of 809.45 million shares in 6,708 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 208.12 million shares exchanged by investors in 1,935 deals. Volume in the sub-sector was driven by activities in shares of Lafarge Africa Plc and FBNH Plc. The insurance subsector boosted by activities in shares of AXAMansard Plc and Mutual Benefits Assurance Plc followed with a turnover of 207.72 million shares in 718 deals.

The number of gainers at the close of trading session was 49 while decliners closed at seven. Further analysis of the day’s trading showed that Champion Breweries Plc led the gainers’ table by 9.82 per cent to close at N1.23 per share while Nascon Plc followed with 9.72 per cent to close at N17.50 per share and Japaul Gold Plc with a gain of 9.45 per cent to close at N1.39 per share.

On the flip side, Courtville Business Solution Plc led the losers’ chart by 8.33 per cent to close at 22 kobo per share. Niemeth Pharmaceuticals Plc followed with a loss of 6.36 per cent to close at N2.06 per share while Union Dicon Plc dropped by 3.13 per cent to close at 31 kobo per share.

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