Business

Nigeria’s Stock Market Sustains Positive Sentiment, Gains N181bn

Transactions in Nigeria’s stock market, on Wednesday, sustained positive posture for the third consecutive trading session as the market capitalisation of equities appreciated by N181bn to close at N21.93tn from N21.75tn posted on Tuesday.

The Nigerian Stock Exchange All Share Index (ASI) and market capitalisation, rose further by 0.83 percent.

The ASI rose by 345.79 basis points or 0.83 percent to close at 41,930.73 index points as against 41,584.94 recorded the previous day.

The market breadth closed on a positive note with 35 gainers and 21 losers.

A total volume of 543.75 million shares in 6,773 deals was recorded in the day’s trading.

Nigeria's Stock Market Sustains Positive Sentiment, Gains N181bn

The premium sub-sector was the most active (measured by turnover volume); with 150.51m shares exchanged by investors in 567 deals.

Volume in the sub-sector was driven by activities in the shares of Zenith Bank Plc and FBNH Plc.

The insurance sub-sector boosted by the activities in the shares of Mutual Benefits Assurance Plc and AXA-Mansard Assurance Plc followed with a turnover of 85.29m shares in 567 deals.

Further analysis of the day’s trading showed that CHI Plc and Guinea Insurance Plc led the gainers’ table with 10 per cent each to close at 44 kobo and 22 kobo per share respectively while Fidson Healthcare Plc followed with 9.90 per cent to close at N5.55 per share and Champion Breweries Plc with a gain of 9.79 per cent to close at N2.58 per share.

On the flip side, Sky Aviation Company Plc led the losers’ chart with a drop of 10 per cent to close at N2.88 per share.

Cornerstone Insurance Plc followed with a loss of 9.72 per cent to close at 65 kobo per share while Caverton Plc dropped by 9.41 per cent to close at N1.83 per share.

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