Equity market extends gains with N125bn


Nike Johnson Okafor

Nigerian stocks on Thursday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.56 per cent each.

Market watchers attributed the development to renewed confidence as bargain hunters continue to leverage on undervalued stocks.

The market breath however closed positive as the number of gainers at the close of trading session was 28 while decliners closed at 22.

Consequently, the All-Share Index gained 238.65 basis points or 0.56 per cent to close at 42,169.41 index points as against 41,930.73 recorded the previous day while the market capitalisation of equities appreciated by N125bn to close at N21.934tn from N21.93tn as market sentiment remained on the green zone.

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On the activity chart, the premium sub-sector dominated in volume terms with 127.17m shares exchanged in 1,943 deals. The sub-sector was enhanced by the activities in the shares of Zenith Bank Plc and UBA Plc.

The banking sub-sector boosted by the activities in the shares of UBN Plc and Jaiz Bank Plc followed with 122m units traded in 641 deals.

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In all, investors exchanged a total of 555.52m shares exchanged in 6,391 deals.

Further analysis of the day’s trading showed that Portland Paints  Plc led the gainers with 10 per cent to close at N3.19  per share while Julius Berger Plc followed with 9.93 per cent to close at N22.65 per share and NPF Plc with a gain of 9.71 per cent to close at N1.92 per share.

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