New Telegraph

NSE: Stocks extend gain by N140bn

Nigerian stocks yesterday sustained positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.76 per cent. Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks.

Consequently, the All- Share Index rose by 267.93 basis points or 0.76 per cent to close at 35,493.15 index points as against 35,225.22 recorded the previous day while market capitalisation of equities appreciated by N140 billion or 0.76 per cent to close higher at N18.550 trillion from N18.410 trillion as market sentiment remained on the green territory. Meanwhile, a turnover of 650.55 million shares in 3,954 deals was recorded in the day’s trading.

The banking sub-sector was the most active (measured by turnover volume); with 431.57million shares exchanged by investors in 623 deals. Volume in the subsector was driven by activities in shares of Jaiz Bank Plc and Fidelity Bank Plc.

The premium sub-sector boosted by activities in shares of Zenith Bank Plc and Access Bank Plc followed with a turnover of 61.93 million shares in 140 deals. The number of gainers at the close of trading session was 26 while decliners closed at 13. Further analysis of the day’s trading showed that AXA-Mansard Assurance Plc led the gainers’ table with 10 per cent to close at 77 kobo per share

while May and Baker Plc followed with 9.60 per cent to close at N3.89 per share and NCR Plc with a gain of 9.60 per cent to close at N2.17 per share.

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