Bullish Trend Sustained with N324bn at Stock Market

Nigerian Stock Exchange

The Stock Market breadth closed positive on Wednesday as the gainers at the close of trading session was 51 while decliners closed at seven.

As market sentiment extended gaining streaks, following investors’ sustained optimism on Nigerian stock, the NSE All-Share Index and market capitalization rose by 1.90 per cent. Consequently, All-Share Index rose by 621.26 basis points or 1.90 per cent to close at 33.268.36 index points as against 32.647.10 recorded the previous day.

Market capitalization of equities appreciated by N324bn or 1.90 per cent to close higher at N17.38bn from N17.06bn as market sentiment remained on the green territory.

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A turnover of 858.16 million shares in 8,142 deals was recorded in the day’s trading with the premium sub-sector being the most active, recording 328.62 million shares exchanged by investors in 2,910 deals. The volume in this sub-sector was driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.

Further analyses of the day’s trading showed that the banking sub-sector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 165.83 million shares in 1,375 deals.

Record also showed that Fidson Healthcare Plc, Guinness Nigeria Plc, Niemeth Pharmaceuticals Plc and Sterling Bank Plc topped the gainers’ table with 10 per cent each to close at N4.95, N20.90, N2.42 and N2.20 per share respectively. GSK Plc followed with 9.85 per cent to close at N7.25 per share and Oando Plc with a gain of 9.82 per cent to close at N3.58 per share.

On the flip side, Learn Africa led the losers’ chart with a drop of 4.78 per cent to close at N1.00 per share. C & I Leasing Nigeria Plc followed with a loss of 4.65 per cent to close at N4.10 per share while Stanbic IBTC Plc dropped by 4.17 per cent to close at N46.00 per share.