Stock Market Advances with N100bn Gain

The bulls maintained their grip on the market yesterday as bargain hunters jostled for shares of blue chip companies. Investors are currently taking advantage of the state of the market as most of the stock prices are attractive at the current low level.

The key market performance measures, the NSE All Share Index and market capitalisation, rose by 1.05 per cent as market sentiments extended gaining streaks for the second day following investors’ sustained optimism.

Consequently, the All-Share Index gained 290.77 basis points or 1.05 per cent to close at 27,900.44 as against 27.609.67 recorded the previous day, while the market capitalisation of equities appreciated by N100 billion or 1.05 per cent to close at N9.644 trillion from N9.544 trillion.

Meanwhile, a turnover of 371.4 million shares exchanged in 3,910 deals was recorded in the day’s trading. Banking services sub-sector of the financial services segment was the most active (measured by turnover volume) with 214.2 million shares exchanged by investors in 1,205 deals. Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and GTB Plc.

Insurance sub-sector also of the financial services segment boosted by activities in the shares of AIICO Insurance Plc and Wapic Insurance Plc followed with a turnover of 40.2 million shares in 212 deals.

The number of gainers at the close of trading session was 25, while decliners closed at 13. Oando Plc led the gainers’ table with a gain of 9.90 per cent to close at N8.55 per share while May and Baker Plc trailed with a gain of 9.84 per cent to close at N1.34 per share. Linkage Assurance Plc added 7.41 per cent to close at 58 kobo per share.

On the other hand, CI Leasing Plc led the price losers’ table, dropping 8.22 per cent to close at 67 kobo per share. Law Union and Rock Insurance Plc followed with 4.76 per cent to close at 80 kobo per share, while Livestock Feeds Plc trailed with a loss of 4.71 per cent to close at 81 kobo per share.