Nigerian stocks yesterday sustained its positive outlook as All Share Index (ASI) rose further by 0.53 per cent. Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks and impressive full year results being released by some companies.
Consequently, the All- Share Index rose by 207.36 basis points or 0.53 per cent to close at 39,293.14 index points as against 39,085.78 recorded the previous day while market capitalisation of equities appreciated by N109 billion to close higher at N20.558 trillion from N20.449 trillion as market sentiment remained on the green territory. Meanwhile, a turnover of 229.42 million shares in 4,016 deals was recorded in the day’s trading. The banking sub-sector was the most active (measured by turnover volume); with 113.43 million shares exchanged by investors in 664 deals.
Volume in the sub-sector was driven by activities in shares of UBA Plc and GTBank Plc. The premium sub-sector boosted by activities in shares of Zenith Bank Plc and MTN Nigeria Plc followed with a turnover of 41.88 million shares in 1,181deals.
The number of gainers at the close of trading session was 23 while decliners closed at 14. Further analysis of the day’s trading showed that Coronation Insurance Plc led the gainers’ table by 10 per cent each to close at 55kobo per share while UPDC REIT Plc followed with 9.80 per cent to close at N5.60 per share and PARM DEKO Plc with a gain of 9.763 per cent to close at N1.48 per share. On the flip side, FGS202257 led the losers’ chart by a drop of 9.61 per cent to close at N100 per share. Sovereign Trust Insurance Plc followed with 8.33 per cent to close at 22 kobo per share while NPF MFB Plc dropped by7.22 per cent to close at N1.80 per share.