Nigerian stocks yesterday sustained positive outlook for the third day as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.31 per cent. Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks.
Consequently, the All- Share Index rose by 80.55 basis points or 0.31 per cent to close at 25,654.90 index points as against 25,574.35 recorded the previous day while market capitalisation of equities appreciated by N42 billion or 0.31 per cent to close higher at N13.407 trillion from N13.365 trillion as market sentiment remained on the green territory.
Meanwhile, a turnover of 262.05 million shares in 3,254 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 108.64 million shares exchanged by investors in 1,198 deals. Volume in the sub-sector was driven by activities in shares of FBNH Plc and UBA Plc.
The banking sub-sector boosted by activities in shares of GTB Plc and Wema Bank Plc followed with a turnover of 45.85 million shares in 551 deals. The number of gainers at the close of trading session was nine while decliners closed at 17 to sustain negative breath.
Further analysis of the day’s trading showed that Red Star Express Plc led the gainers’ table by 9.80 per cent to close at N3.25 per share while CHI Plc followed with 9.68 per cent to close at 34 kobo per share and Tranex Plc with a gain of 9.33 per cent to close at 82 Kobo per share. On the flip side, UBN Plc led the losers’ chart with a drop of 6.54 per cent to close at N5.00 per share.
Cornerstone Insurance Plc followed by 6.25 per cent to close at 60 kobo per share while A Linkage Assurance Plc dropped by 5.00 per cent to close at 38 kobo per share.