New Telegraph

February 24, 2024

Stock market extends gain with N18bn

Nigerian stocks yesterday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.14 per cent. Market watchers attributed development to sustained confidence as bargain hunters leverage on under value stocks. Consequently, the All- Share Index rose by 34.83 basis points or 0.14 per cent to close at 25,171.32 index points as against 25,136.49 recorded the previous day while market capitalisation of equities appreciated by N18 billion or 0.14 per cent to close higher at N13.130 trillion from N13.112 trillion as market sentiment remained on the green territory. Meanwhile, a turnover of180.01 million shares in 3,108 deals was recorded in the day’s trading.

Premium sub-sector was the most active (measured by turnover volume); with 89.30 million shares exchanged by investors in 1,064 deals. Volume in the subsector was driven by activities in the shares of Zenith Bank Plc and Access Bank Plc. Banking sub-sector boosted by the activities in the shares of GTB Plc and Fidelity Bank Plc followed with a turnover of 19.14 million shares in 469 deals.

The number of gainers at the close of trading session was 13 while decliners also closed at 13. Further analysis of the day’s trading showed that Studio Press Plc led the gainers’ table with 10 per cent to close at N1.98 per share while International Breweries Plc followed with 7.14 per cent to close at N3.00 per share and Jaiz Bank Plc with a gain of 5.36 per cent to close at 59 Kobo per share.

On the flip side, CAP Plc led the losers’ chart with a drop of 10 per cent to close at N15.30 per share. Royal Exchange Plc followed with a loss of 9.68 per cent to close at 28 kobo per share while A PZ Cussons Plc dropped by 9.41 per cent to close at N3.85 per share.

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