The bulls maintained its grip on the market activities following gains recorded majorly by blue-chip stocks as investors positioned to leverage undervalued stocks. The key market performance measures, the NSE All Share Index and market capitalisation, rose by 0.30 per cent as market sentiments extended gaining streaks following investors’ sustained optimism on undervalued stocks.
The rally, 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 68. 85 basis points or 0.30 per cent from 23,021.01 index points last Friday to 23,089.86 while the market capitalisation of equities appreciated by N36bn to close at N12.033tn from N11.997tn.
On the activity chart, premium subsector dominated in volume terms with 108.34 million shares exchanged in 2,329 deals. The subsector was enhanced by the activities in the shares of FBNH Plc and UBA Plc. Banking subsector boosted by the activities in the shares of GTBank Plc and Sterling Bank Plc followed with 71.86 million units traded in 2,186 deals. In all, investors exchanged a total of 249.85 million shares exchanged in 6,538 deals.
Further analysis of the day’s trading showed that Prestige Assurance Plc led the gainers with 10 per cent to close at 55 kobo per share while ARDOVA Plc followed with 9.96 per cent to close at N12.70 per share and Wapic Insurance Plc with a gain of 7.69 per cent to close at 28 kobo per share. On the flip side, NEM Insurance Plc and Neimeth Pharmaceuticals Nigeria Plc led the losers’ chart with a drop of 10 per cent each to close at N1.98 and 54 kobo per share respectively. Chams Plc followed with a loss of 8.70 per cent to close at 21 kobo per share while Access Bank Plc dropped by 7.58 per cent to close at N6.10 per share.