NSE opens week positive with N36bn gain



The equities market closed yesterday on a positive note to commence weekly trading activities on the upswing after the market also closed green last Friday.


The market performance indices, NSE ASI, appreciated by 0.30 per cent with market breadth closing negative with 15 gainers as against 19 losers.


The upswing, 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 grew by 68. 85 basis points or 0.30 per cent from 23,021.01 index points last Friday to 23,089.86 while the market capitalisation of equities appreciated by N36 billion to close at N12.033 trillion from N11.997 trillion.


On the activity chart, the premium sub-sector dominated in volume terms with 108.34 million shares exchanged in 2,329 deals. The sub sector was enhanced by the activities in the shares of FBNH Plc and UBA Plc.


The banking sub-sector boosted by activities in shares of GTBank Plc and Sterling Bank Plc followed with 71.86 million units traded in 2,186 deals.


In all, investors exchanged a total of 249.85 million shares in 6,538 deals.


Further analysis of the day’s trading showed that Prestige Assurance Plc led the gainers with 10 per cent to close at 55 kobo per share while ARDOVA Plc followed with 9.96 per cent to close at N12.70 per share and Wapic Insurance Plc with a gain of 7.69 per cent to close at 28 kobo per share.


On the flip side, NEM Insurance Plc and Neimeth Pharmaceuticals Nigeria Plc led the losers’ chart with a drop of 10 per cent each to close at N1.98 and 54 kobo per share respectively. Chams Plc followed with a loss of 8.70 per cent to close at 21 kobo per share while Access Bank Plc dropped by 7.58 per cent to close at N6.10 per share.


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