The bulls maintained grip on stock market activities yesterday as stocks sustained rallies for eight trading sessions following gains recorded by blue chip stocks as investors positioned to leverage on undervalued stocks.
The key market performance measures, the NSE All Share Index and market capitalisation, rose by 1.40 per cent as market sentiments extended gaining streaks following investors’ sustained optimism on undervalued stocks.
Consequently, the All-Share Index gained 334.06 basis points or 1.40 per cent to close at 24.143.37 as against 23.809.31 recorded the previous day while the market capitalisation of equities appreciated by N174 billion or 1.40 per cent to close at N12.582 trillion from N12.408 trillion as market sentiment remained on the green zone.
Meanwhile, a turnover of 426.64 million shares exchanged in 7,384 deals was recorded in the day’s trading.
The premium sub-sector was the most active (measured by turnover volume); with 243.71 million shares exchanged by investors in 3,031 deals.
Volume in the sub-sector was largely driven by activities in the shares of FBNH Plc and Zenith Bank Plc.
The banking sub-sector boosted by activities in shares of GTBank Plc and Sterling Bank Plc followed with a turnover of 92.49 million shares in 2,266 deals.
The number of gainers at the close of trading session was 35 while decliners closed at only 4.
CHI Plc and Nigeria Breweries Plc led the gainers’ table with a gain of 10 per cent each to close at 33 kobo and N33.00 per share respectively while ARDOVA Plc followed with a gain of 9.84 per cent to close at n13.95 per share. CAP Plc added 9.57per cent to close at N22.90 per share.
On the other hand, C and I Leasing Plc led the price losers’ table, dropping 6 per cent each to close at N4.70 per share. UACN Plc followed with 3.47 per cent to close at N6.95 per share while Union Dicon Plc trailed with a loss of 3.13 per cent to close at 31 kobo per share.