Stock market extends gain with N70bn

Nigerian stocks sustained their positive outlook for second day as the overall performance measures, NSE ASI and market capitalisation rose by 0.72 per cent each. Market watchers attributed development to renew of confidence following signs of forex stability.

Consequently, the All- Share Index rose by 201.19 basis points or 0.72 per cent to close at 28,101.63index points as against 27,900.44 recorded the previous day while market capitalisation of equities appreciated by N70 billion or 0.72 per cent to close higher at N9.714 trillion from N9.644 trillion.

Meanwhile, a turnover of 353.1 million shares in 4,034 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 122.9 million shares ex- changed by investors in 1,219 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 trailed with a turnover of 102.9 million shares in 855 deals.

The number of gainers at the close of trading session was 22 while decliners closed at 15. Further analysis of the day’s trading showed that Oando Nigeria Plc topped the gainers’ table with 9.59 per cent to close at N9.37 per share while Nacho Plc followed with 8.42 per cent to close at N3.09 per share. UBA Plc gain 7.85 per cent to close at N7.01 per share.

On the flip side, Mobil Oil Plc led the losers’ chart with a drop of 5.00 per cent to close at N315.40 per share.

Tranex Plc trailed with a loss of 4.88 per cent to close at 78 kobo per share while CI Leasing Plc dropped by 4.48 per cent to close at 64 kobo per share.