Business

Stock market rises further, investors gain N3bn

Johnson Okafor

Nigerian equity market sustained its positive outlook on Monday as the Nigerian Stock Exchange All-Share Index rose further by 0.02 per cent.

Market watchers attributed the development to sustained investor confidence as bargain hunters leveraged under-valued stocks.

However, the market breadth closed flat with 15 gainers against 15 losers.

The ASI increased by 7.25 basis points or 0.02 per cent from 25,221.87bps last Friday to 25,229.12bps while the market capitalisation of equities appreciated by N3bn to close at N13.16tn from N13.16tn.

On the activity chart, the premium subsector dominated in volume with 70.29 million shares traded in 1,177 deals.

The subsector was enhanced by trading activities on the shares of Zenith Bank Plc and FBN Holdings Plc.

The banking subsector was boosted by trading activities on the shares of Guaranty Trust Bank Plc and Ecobank Plc, with 27.24 million units traded in 564 deals.

In all, investors exchanged a total of 251.18 million shares in 3,737 deals on Monday.

Further analysis of the day’s trading showed that UPL Plc led the gainers chart with 9.68 per cent to close at N1.36 per share.

Unity Bank Plc followed with a gain of 9.62 per cent to close at 57 kobo per share while Regency Alliance Assurance Plc appreciated by 9.09 per cent to close at 24 kobo per share.

On the other hand, Transnational Corporation of Nigeria Plc led the losers’ chart with a drop of 8.20 per cent each to close at 58 kobo per share.

Royal Exchange Plc followed with a loss of 7.69 per cent to close at 24 kobo per share while Jaiz Bank Plc dropped by 5.00 per cent to close at 57 kobo per share.

Source: punchng.com