Business

NSE halts losses, records N177bn gain

Activities on the Nigerian Stock Exchange (NSE) closed positive yesterday, reversing prior four days negative sentiments following gains recorded by blue chip stocks. The key market performance measures, the NSE All Share Index and market capitalisation, rose by 1.40 per cent to close the trading session positive as market sentiments returned to gaining streaks following gains recorded by Dangote Cement and 10 other firms.

Consequently, the All- Share Index gained 338.74 basis points or 1.40 per cent to close at 24,512.27 as against 24,173.53 recorded the previous day while the market capitalisation of equities appreciated by N177 billion or 1.40 per cent to close at N12.787 trillion from N12.610 trillion as market sentiment returned on the green zone.

Meanwhile, a turnover of 164.29 million shares exchanged in 2,986 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 78.16 million shares exchanged by investors in 1,372 deals. Volume in the subsector was largely driven by activities in shares of FBNH Plc and Zenith Bank Plc. Other financial institutions sub-sector boosted by activities in shares of Custodian and Allied Plc and United Capital Plc followed with a turnover of 25.02 million shares in 142 deals.

However market breath closed flat as the number of gainers at the close of trading session was 11 while decliners also closed at 11. Dangote Cement Plc led the gainers’ table by10 per cent to close at N134.20 per share while Jaiz Bank Plc followed with a gain of 7.41 per cent to close at 58 kobo per share. Custodian and Allied Plc added 3.09 per cent to close at N5.00 per share. On the other hand, Neimeth Pharmaceuticals Plc led the price losers’ table, dropping 6.67 per cent to close at N1.40 per share. Mutual Benefits Assurance Plc followed with 4.76 per cent to close at 20 kobo per share awhile BUA Cement Plc trailed with a loss of 3.50 per cent to close at N40.00 per share.

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