Nigerian Stock Exchange yesterday sustained its positive outlook for the ninth consecutive trading session as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.87 per cent each.
Market watchers attributed the development to renewed confidence as bargain hunters leverage on undervalued stocks.
Consequently, the All-Share Index rose by 210.88 basis points or 0.87 per cent to close at 24.354.25 index points as against 24.143.37 recorded the previous day while market capitalisation of equities appreciated by N110 billion or 0.87 per cent to close higher at N12.692 trillion from N12.582 trillion as market sentiment remained on the green territory.
Meanwhile, a turnover of 431.58 million shares in 5,860 deals was recorded in the day’s trading.
The premium sub-sector was the most active (measured by turnover volume); with 214 .99 million shares exchanged by investors in 2,267 deals.
Volume in the sub-sector was driven by activities in shares of FBNH Plc and Zenith Bank Plc.
The banking sub-sector boosted by activities in shares of GTB Plc and Ecobank Plc followed with a turnover of 109.80 million shares in 1,333 deals.
The number of gainers at the close of trading session was 21 while decliners closed at 20.
Further analysis of the day’s trading showed that Royal Exchange Plc topped the gainers’ table with 10 per cent to close at 22 kobo per share while UPL Plc followed with 9.80 per cent to close at N1.12 per share and Conoil Plc with a gain of 9.77 per cent to close at N19.10 per share.
On the flip side, Linkage Assurance Plc led the losers’ chart with a drop of 8.33 per cent to close at 44 kobo per share. Red Star Express Plc followed with a loss of five per cent to close at N2.85 per share while Africa Prudential Plc dropped by 4.63 per cent to close at N3.71 per share.