The equities market closed yesterday on a positive note to commence the weekly trading activities on the upswing. The market performance indices, NSE ASI, appreciated by 0.33 per cent with market breathe closing positive with 31 gainers against 13 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 131.82 basis points or 0.33 per cent from 40,439.85 index points last Friday to 40,571.67 while the market capitalisation of equities appreciated by N69 billion to close at N21.224 trillion from N21.155 trillion.
On the activity chart, the premium sub-sector dominated in volume terms with 46.67 million shares exchanged in 1,276 deals. The sub-sector was enhanced by activities in shares of Zenith Bank Plc and FBNH Plc.The insurance sub-sector boosted by activities in shares of Mutual Benefits Assurance Plc and AXAMansard Insurance Plc followed with 43.35 million units traded in 322 deals.
In all, investors exchanged a total of 206.24 million shares in 4,264 deals. Further analysis of the day’s trading showed that Seplat Petroleum Plc led the gainers by 10 per cent to close at N544.50 per share while Japaul Gold Plc followed with 9.86 per cent to close at 98 kobo per share.
Mutual Benefits Assurance Plc posted a gain of 9.52 per cent to close at 46 kobo per share.
On the flip side, Conoil Plc and Royal Exchange Plc led the losers’ chart by 10 per cent each to close at N18.90 and 27 kobo per share respectively. R.T Briscoe Plc followed with a loss of 9.09 per cent to close at 20 kobo per share while CHI Plc dropped by 8.70 per cent to close at 42 kobo per share.