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NSE extends gain by N223bn

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Seizing the entry opportunity during the Easter holiday-shortened week, the equity market posted 1.98 per cent growth, equivalent to N500 billion profit for investors in the market.

Nigerian Stock market yesterday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 1.244 per cent.

Market watchers attributed the development to sustained confidence as bargain hunters leverage undervalued stocks.

Consequently, the All- Share Index rose by 428.44 basis points or 1.24 per cent to close at 34,769.00 index points as against 34,340.56 recorded the previous day while market capitalisation of equities appreciated by N223 billion or 1.24 per cent to close higher at N18.166 trillion from N17.943 trillion as market sentiment remained on the green territory.

Meanwhile, a turnover of 434.92 million shares in 7,029 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 165.48 million shares exchanged by investors in 2,361 deals. Volume in the sub-sector was driven by activities in shares of Zenith Bank Plc and Access Bank Plc.

The banking sub-sector was boosted by activities in shares of Sterling Bank Plc and GTBank Plc followed with a turnover of 75.45 million shares in 1,814 deals.

The number of gainers at the close of trading session was 37 while decliners closed at 11. Further analysis of the day’s trading showed that May and Baker Plc led the gainers’ table by 10 per cent to close at N3.52 per share while UPDC REIT Plc followed with 9.89 per cent to close at N5.00 per share and Eterna Oil Plc with a gain of 9.88 per cent to close at N4.56 per share.

On the flip side, Tranex Plc led the losers’ chart by 9.38 per cent to close at 87 kobo per share. ABC Transport Company Plc followed with a loss of 8.67 per cent to close at 32 kobo per share while Cornerstone Plc dropped by 7.94 per cent to close at 58 kobo per share.

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