Stock market extends gain with N46bn

Nigerian stocks sustained its positive outlook for eight days, as the overall performance measures, the NSE ASI and market capitalisation, rose further by 0.40 per cent each.

Interestingly, United Bank for Africa (Plc) UBA drove volume of activities with a turnover of 2.09 billion shares valued at N19.76 billion. Consequently, the All-Share Index rose by 135.18 basis points or 0.40 per cent to close at 33,436.61 index points as against 33,301.43 recorded the previous day, while market capitalisation of equities appreciated by N46 billion or 0.40 per cent to close higher at N11.523 trillion from N11.477 trillion. Meanwhile, a turnover of 2.403 billion shares in 3,715 deals was recorded in the day’s trading. Banking sub-sector of the financial services sector was the most active (measured by turnover volume) with 2.129 billion shares exchanged by investors in 1,071 deals.

Volume in the sub-sector was largely driven by activities in the shares of UBA Plc following the crossing of 2,080,104,955 units of its ordinary shares from UBA Staff Share Investment Trust Scheme (SSIT) to the bank. Also, Insurance sub-sector, boosted by the activities in the shares of Continental Reinsurance Plc and NEM Insurance Plc followed with a turnover of 177.9 million shares in 100 deals. The number of gainers at the close of trading session was 26 while decliners closed at 19. Further analysis of the day’s trading showed that Honeywell Flour Plc topped the gainers’ table with 8.29 per cent to close at N1.96 per share while UBN Plc followed with five per cent to close at N5.67 per share. Julius Berger Nigeria Plc trailed with a gain of 4.99 per cent to close at N34.30 per share. On the flip side, May and Baker Plc led the losers’ chart with a drop of 5.02 per cent to close at N2.65 per share. AXA-Mansard Plc followed with a loss of 4.93 per cent to close at N2.12 per share while Custodian and Allied Insurance Plc dropped by 4.76 per cent to close at N3.40 per share.

Stories Chris Ugwu