The Nigerian stock market yesterday sustained unprecedented rally as the NSE All Share Index (NSEASI) appreciated by +2.17 per cent to close at 44,054.72 basis points as against +0.51 per cent appreciation recorded the previous day, bringing its Year-to-Date (YTD) returns to +15.20 per cent.
The bullish trend follows positive sentiment on stocks across board with banking sector sustaining the lead.
Market watchers attributed development to renewed confidence following signs of good full year results and forex stability. According to the Managing Director, Crane Securities Limited, Mr. Mike Eze, investors are currently taking position in the market in anticipation of positive results and enhanced dividends by companies for the financial year ended Dec. 31, 2017.
Consequently, the All-Share Index rose by 935.72 basis points or 2.17 per cent to close at 44,054.72 index points as against 43.119.00 recorded the previous day, while market capitalization of equities appreciated by N335 billion or 2.17 per cent to close higher at N15.782 trillion from N15.447 trillion.
Meanwhile, a turnover of 635.4 million shares in 7,331 deals was recorded in the day’s trading. Banking sub-sector of the financial services segment was the most active (measured by turnover volume) with 314.9 million shares exchanged by investors in 2,375 deals. Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and UBA Plc.
Also, premium sub-sector, boosted by the activities in the shares of Zenith Bank Plc and FBNH Plc followed with a turnover of 92.7 million shares in 1,118 deals. The number of gainers at the close of trading session was 46, while decliners closed at 16.. Further analysis of the day’s trading showed that FBNH Plc topped the gainers’ table with 10.21 per cent to close at N12.85 per share while Sterling Bank Plc followed with 10.00 per cent to close at N2.20 per share and Diamond Bank Plc with a gain of 9.96 per cent to close at N2.87 per share.
On the flip side, Honey well Flour Nigeria Plc led the losers’ chart with a drop of 5.98 per cent to close at N3.30 per share. Law Union and Rock Assurance Plc followed with a loss of 4.55 per cent to close at 84 kobo per share, while NPF MFB Plc dropped 4.19 per cent to close at N1.60 per share.