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Stock market sustains positive sentiment, gains N1bn

 

Transactions on the floor of the Nigerian Stock Exchange started the week on a positive note as a marginal gain of N1bn was recorded on Monday.

However, the market breadth closed negative with 16 losers against nine gainers.

The key market indicator, the NSE All-Share Index, declined by 0.007 per cent as investors leveraged undervalued stocks.

The ASI rose by 1.78 basis points or 0.007 per cent from 25,572.57 index points last Friday to 25,574.35 while the market capitalisation of equities was up by N1bn to close at N13.365tn from N13.364tn.

On the activity chart, the premium sub-sector dominated in volume with 84.04 million shares traded in 1,232 deals. The subsector was enhanced by trading activities on the shares of FBN Holdings Plc and the United Bank for Africa Plc.

The insurance subsector was boosted by trading activities on the shares of Mutual Benefits Assurance Plc and Lasaco Assurance Plc, with 26.66 million units traded in 188 deals.

In all, investors exchanged a total of 196.12 million shares in 3,542 deals on Monday.

Further analysis of the day’s trading showed that ABC Transport Plc led the gainers chart with 10 per cent to close at 33 kobo per share.

Wapic Insurance Plc followed with 8.11 per cent to close at 40 kobo per share while UACN Plc appreciated by 5.79 per cent to close at N6.40 per share.

On the other hand, Champion Breweries Nigeria Plc led the losers’ chart with a drop of 10 per cent each to close at 81 kobo per share.

Red Star Express Plc followed with a loss of 9.20 per cent to close at N2.96 per share while Japaul Oil Plc dropped by 4.76 per cent to close at 20 kobo per share.

 

Source: Punch

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