BLUE-CHIP STOCKS PUSH MARKET HIGHER WITH N83BN GAIN
The Nigerian stock market on Wednesday sustained the previous day’s positive sentiment with a 0.61 per cent gain, following bargain hunting on blue-chip stocks. The key market performance, measuring the NSE All Share Index and market capitalisation, rose by 0.61 per cent as market sentiments extended gaining streaks following investors’ sustained optimism on undervalued stocks.
Consequently, the All-Share Index gained 160 basis points or 0.61 per cent to close at 26.415.54 as against 26.255.11 recorded the previous day. The market capitalisation of equities appreciated by N83bn or 061 per cent to close at N13.764tn from N13.681tn as market sentiment remained on the green zone.
Meanwhile, a turnover of 307.7 million shares exchanged in 4,419 deals was recorded in the day’s trading. Premium subsector was the most active (measured by turnover volume), with 146.5 million shares exchanged by investors in 2,077 deals. Volume in the subsector was largely driven by activities in the shares of Zenith Bank Plc and FBNH Plc. Banking subsector boosted by activities in the shares of GTBank Plc and Fidelity Bank Plc followed with a turnover of 37.3 million shares in 863 deals.
The number of gainers at the close of trading session was 22 while decliners closed at 10. NEM Insurance Plc and Royal Exchange Plc led the gainers’ table with a gain of 10 per cent each to close at N1.87 and 22 kobo per share respectively while AXA Mansard Insurance Plc followed with a gain of 9.80 per cent to close at N1.68 per share. FBNH Plc added 9.71 per cent to close at N5.65 per share.
On the other hand, ARDOVA Plc led the price losers’ table, dropping 10 per cent to close at N15.30 per share. Deap Capital Plc followed with 8.33 per cent to close at 33 kobo per share while Chi Plc trailed with a loss of 7.41 per cent to close at 26 kobo per share.