Business

Stock market sustains positive sentiment, investors gain N20bn

Johnson Okafor

the Nigerian stock market on Wednesday sustained positive sentiment to the sixth consecutive trading session as the market capitalisation gained N20bn.

The key market performance indicators, the Nigerian Stock Exchange All-Share Index and market capitalisation, rose by 0.15 per cent following investors’ sustained optimism about undervalued stocks.

The market breadth closed positive as gainers at the close of trading session was 24 while eight decliners emerged.

The ASI gained 62.61 basis points to close at 25,330.10 as against 25,291.73 recorded the previous day while the market capitalisation of equities appreciated by N20bn to close at N13.21tn from N13.19tn as market sentiment remained in the green zone.

Meanwhile, a turnover of 180.73 million shares traded in 3,411 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 71.93 million shares traded by investors in 1,061 deals.

Volume in the subsector was largely driven by trading activities on the shares of Access Bank Plc and FBN Holdings Plc.

The banking subsector was boosted by trading activities on the shares of Fidelity Bank Plc and Guaranty Trust Bank Plc, with a turnover of 43.96 million shares in 539 deals.

FTN Cocoa Plc led the gainers’ table with a gain of 10 per cent to close at 22 kobo per share while NNFM Plc followed with a gain of 9.76 per cent to close at N4.50 per share. UPL Plc added 9.57 per cent to close at N1.49 per share.

On the other hand, Cornerstone Insurance Plc led the price losers’ table, dropping by 9.68 per cent to close at 56 kobo per share. Africa Prudential Plc fell by 6.67 per cent to close at N4.20 per share while Wapic Insurance Plc lost 2.94  per cent to close at 33 kobo per share.

Source: punchng.com