Nigerian stocks yesterday sustained positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 2.11 per cent each. Market watchers attributed the development to renewed confidence as bargain hunters leverage undervalued stocks.
Consequently, the All-Share Index rose by 568.72 basis points or 2.11 per cent to close at 27.554.49 index points as against 26.985.77 recorded the previous day while market capitalisation of equities appreciated by N297 billion or 2.11 per cent to close higher at N14.402 trillion from N14.105 trillion as market sentiment remained on the green territory.
Meanwhile, a turnover of 603.95 million shares in 5,984 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 331.07 million shares exchanged by investors in 2,610 deals. Volume in the sub-sector was driven by activities in shares of UBA Plc and Zenith Bank Plc.
The banking sub-sector, boosted by activities in shares of GTB Plc and Sterling Bank Plc, followed with a turnover of .98 million shares in 921 deals.
number of gainers at the close of trading session was 36 while decliners closed at 10. Further analysis of the day’s trading showed that GSK Plc and Red Star Express Plc topped the gainers’ table by 10 per cent maximum gain each to close at N5.50 and N3.30 per share respectively while NPF MFB Plc followed by 9.60 per cent to close at N1.37 per share and Africa Prudential Plc 9.47 per cent to close at N5.20 per share.
On the flip side, Triple G Plc led the losers’ chart with a drop of 10 per cent to close at 36 kobo per share. Oando Plc followed with a loss of 8.73 per cent to close at N2.09 per share while UAC-Property Plc dropped by 6.52 per cent to close 86 kobo per share.