Business

NSE upbeats, gains N42bn in week opener

The equities market closed yesterday on a positive note to commence the weekly trading activities on the upswing after the market closed last Friday also in the green. The market performance indices, NSE ASI, appreciated by 0.28 per cent with market breadth closing positive with 27 gainers as against 15 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 80.91 basis points or 0.28 per cent from 28,697.06 index points last Friday to 28,777.96 while the market capitalisation of equities appreciated by N42 billion to close at N15.041 trillion from N14.999 trillion.

On the activity chart, the premium sub-sector dominated in volume terms with 119.44 million shares exchanged in 1,538 deals. The sub sector was enhanced by the activities in the shares of UBA Plc and Zenith Bank Plc.

The bsnking sub-sector boosted by activities in shares of GTB Plc and Ecobank Plc followed with 80.91 million units traded in 691 deals. In all, investors exchanged a total of 340.80 million shares in 4,235 deals. Further analysis of the day’s trading showed that Custodian and Allied Investment Plc led the gainers by 10 per cent to at N5.50 per share while NPF MFB Plc followed with 9.70 per cent to close at N1.47 per share and e-Transact Plc with a gain of 7.73 per cent to close at N1.75 per share.

On the flip side, Morison Plc led the losers’ chart with a drop of 10 per cent to close at 54 kobo per share. CHI Plc followed with a loss of 8.82 per cent to close at 31 kobo per share while Nascon Plc dropped by 8.39 per cent to close at N13.10 per share.

 

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