Business

NSE sustains positive outlook, gains N40bn

Nigerian stocks yesterday sustained positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.31 per cent. Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks. Consequently, the All- Share Index rose by 75.82 basis points or 0.31 per cent to close at 24,841.94 index points as against 24,766.12 recorded the previous day while mar-ket capitalisation of equities appreciated by N40 billion or 0.31 per cent to close higher at N12.959 trillion from N12.919 trillion as market sentiment remained on the green territory. Meanwhile, a turnover of 154.45 million shares in 4,222 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 38.47 million shares exchanged by investors in 1,358 deals. Volume in the sub-sector was driven by activities in shares of Lafarge Africa Plc and FBNH Plc. The banking sub-sector boosted by activities in shares of GTB Plc and Sterling Bank Plc followed with a turnover of 24.55 million shares in 676 deals.

The number of gainers at the close of trading session was 23 while decliners closed at 10. Further analysis of the day’s trading showed that AXA-Mansard Insurance Plc led the gainers’ table with 9.72 per cent to close at N1.58 per share while UACN Plc followed with 8.73 per cent to close at N6.85 per share and Jaiz Bank Plc with a gain of 7.27 per cent to close at 59 kobo per share.

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