Investors gain 297 billion naira as 36 stocks push market higher

Investors in the Nigerian equity market gained N297bn on Monday as 36 firms recorded price appreciation at the end of trading.

The equity market sustained its positive outlook as the Nigerian Stock Exchange All-Share Index and the market capitalisation rose further by 2.11 per cent.

The market breadth closed positive with 36 gainers against 10 decliners.

The ASI rose by 568.72 basis points or 2.11 per cent to close at 27.554.49 as against 26,985.77 recorded the previous day.

The market capitalisation of equities appreciated by N297bn to close higher at N14.40tn from N14.11tn as market sentiment remained in the green territory.

Meanwhile, a turnover of 603.95 million shares in 5,984 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 331.07 million shares exchanged by investors in 2,610 deals.

Volume in the subsector was driven by trading activities on the shares of the United Bank for Africa Plc and Zenith Bank Plc.
The banking subsector was boosted by trading activities on the shares of Guaranty Trust Bank Plc and Sterling Bank Plc.

Further analysis of the day’s trading showed that GSK Plc and Red Star Express Plc topped the gainers’ table with 10 per cent maximum gain each to close at N5.50 and N3.30 per share respectively.

NPF MFB Plc rose by 9.60 per cent to close at N1.37 per share while Africa Prudential Plc appreciated by 9.47 per cent to close at N5.20 per share.

On the other hand, 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.

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