Equities sustain uptrend with N324bn profit to close midweek

The Nigerian bourse on Wednesday sustained its positive trajectory as investors continued to leverage undervalued stocks to increase capital gains

The key market performance measures, the NSE All Share Index and market capitalisation, rose by 1.90 per cent as market sentiment extended gaining streaks, following investors’ sustained optimism on Nigerian stocks.

The market breadth closed positive as gainers at the close of trading session was 51 while decliners closed at seven.

Consequently, the All-Share Index (ASI) advanced by 621.26 basis points or 1.90 per cent to close at 33.268.36 index points as against 32,647.10 recorded the previous day.

Market capitalisation of equities appreciated by N324 billion or 1.90 per cent to close higher at N17.38 billion from N17.06 trillion as market sentiment remained on the green territory.

Meanwhile, a turnover of 858.16 million shares in 8,142 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 328.62 million shares exchanged by investors in 2,910 deals.

The volume in the sub-sector was driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.

The banking sub-sector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 165.83 million shares in 1,375 deals.

Further analyses of the day’s trading showed that Fidson Healthcare Plc, Guinness Nigeria Plc, Niemeth Pharmaceuticals Plc and Sterling Bank Plc topped the gainers’ table with 10 per cent each to close at N4.95, N20.90, N2.42 and N2.20 per share, respectively.

GSK Plc followed with 9.85 per cent to close at N7.25 per share and Oando Plc with a gain of 9.82 per cent to close at N3.58 per share.

On the flip side, Learn Africa led the losers’ chart with a drop of 4.78 per cent to close at N1.00 per share.

C and I Leasing Nigeria Plc followed with a loss of 4.65 per cent to close at N4.10 per share while Stanbic IBTC Plc dropped by 4.17 per cent to close at N46.00 per share.