Stock market advances with N40bn gain

The bulls maintained its grip on the market activities following gains recorded majorly by blue chip stocks as investors positioned to leverage undervalued stocks.

The key market performance measures, the NSE All-Share Index and market capitalisation, rose by 0.31 per cent as market sentiments extended gaining streaks, following investors’ sustained optimism on undervalued stocks.

The rally, according to market watchers, was driven by bargain hunting activities on the back of undervalued stocks, following renewed appetite in anticipation of share appreciation.

Consequently, the All-Share Index rose by 75.82 basis points or 0.31 per cent to close at 24,841.94 index points as against 24,766.12 recorded the previous day.

Market capitalisation of equities appreciated by N40bn or 0.31 per cent to close higher at N12.959tn from N12.919tn as market sentiment remained on the green territory.

Meanwhile, a turnover of 154.45 million shares in 4,222 deals was recorded in the day’s trading.

Premium sub-sector was the most active (measured by turnover volume); with 38.47 million shares exchanged by investors in 1,358 deals.

Volume in the sub-sector was driven by activities in the shares of Lafarge Africa Plc and FBNH Plc.

Banking sub-sector boosted by the activities in the shares of GTB Plc and Sterling Bank Plc followed with a turnover of 24.55 million shares in 676 deals.

The number of gainers at the close of the trading session was 23 while decliners closed at 10.

Further analysis of the day’s trading showed that AXA-Mansard Insurance Plc led  the gainers’ table with 9.72 per cent to close at N1.58 per share while UACN Plc followed with 8.73 per cent to close at N6.85 per share.

Jaiz Bank Plc recorded a gain of 7.27 per cent to close at 59 kobo per share.

On the flip side, CAP Plc led the losers’ chart with a drop of 9.94 per cent to close at N15.40 per share. Total Oil Nigeria Plc followed with a loss of 9.91 per cent to close at N79.10 per share while ARDOVA Plc dropped by 9. 67 per cent to close at N12.15 per share.
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