Business

NSE opens week positive, gains N8bn

The equities market closed yesterday on a positive note to commence the weekly trading activities on the upswing after the market also closed last Friday green.

 

The market performance indices, NSE ASI, appreciated by 0.6 per cent with market breathe closing positive with 17 gainers as against 16 losers.

 

The upswing, according to market watchers, was driven by bargain hunting activities on the back of undervalued stocks following renewed appetite in anticipation of share appreciation.

 

Consequently, the All-Share Index grew by 14.64 basis points or 0.6 per cent from 25,591.95 index points last Friday to 25,606.59 while the market capitalisation of equities appreciated by N8 billion to close at N13.358 trillion from N13.350 trillion. On the activity chart, the premium sub-sector dominated in volume terms with 93.07 million shares exchanged in 1,463 deals.

 

The sub-sector was enhanced by activities in shares of FBNH Plc and Access Bank Plc. Other financial services sub-sector boosted by activities in shares of Custodian and Allied Investment Plc and Stanbic IBTC Plc followed with 72.67 million units traded in 222 deals

 

In all, investors exchanged a total of 257.03 million shares in 3,567 deals.

 

Further analysis of the day’s trading showed that Neimeth Pharmaceuticals Plc led the gainers by 9.55 per cent to close at N1.95 per share while Royal Exchange Plc followed with 7.14 per cent to close at 30 kobo per share, and CHI Plc with a gain of 6.90 per cent to close at N31 kobo per share.

 

On the flip side, International Breweries Plc led the losers’ chart with a drop of 8.57 per cent to close at N3.20 per share. UAC Property Plc followed with a loss of 8.42 per cent to close at 87 kobo per share while FCMB Plc dropped by 7.73 per cent to close at N2.03 per share

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