Market gains N164bn on renewed bargain hunting



Local  equities  rebounded  on  resumed  bargain  hunting  activities  as overall  performance  measures, NSE  All Share Index (ASI), grew by 1.21  per cent,  halting the previous day’s loss. 

The bullish activities were driven by consumer goods and financial services stocks, which were highly demanded.

At the close of business, 21 stocks appreciated while 15 others declined.

 Consequently, the All-Share Index gained 336.18 basis points or 1.21 per cent to close at 28,144.87 index points as against 27.808.69 recorded the previous day while the market capitalisation of equities appreciated by N164 billion to close at N13.716 trillion from N13.552 trillion as market sentiment returned on green zone.

Meanwhile, a turnover of 135.2 million shares exchanged in 3,358 deals was recorded in the day’s trading.

Premium sub-sector was the most active (measured by turnover volume); with 40.9 million shares exchanged by investors in 1,182 deals.

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

The banking sub-sector, boosted by activities in the shares of Sterling Bank Plc and GTB Plc, followed with a turnover of 30 million shares in 372 deals.

Further analysis of the day’s trading showed that Neimeth Phamaceuticals Plc topped the day’s gainers’ table with 10 per cent to close at 55 kobo per share while Wapco Plc followed with 9.92 per cent to close at N14.40 per share. Nacho Nigeria Plc added 9.36 per cent to close at N2.57 per share.

On the flip side, Forte Oil Plc led the losers’ with a drop of 9.93 per cent to close at N18.15 per share while International Breweries Plc shed 9.80 per cent to close at N13.80 per share. Cornerstone Insurance Plc plunged by 9.09 per cent to close at 20 kobo per share.


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