Stock market advances with N641bn gain

The Nigerian equity market on Monday closed on a positive note with a gain of N641bn to sustain a positive trend.

The market breadth closed positive, recording only 49 losers as against 11 gainers.

The key market performance indicators, the NSE All Share Index and market capitalisation, rose by 3.96 per cent as market sentiment remained positive.

Consequently, the All-Share Index rose by 1,226.88 basis points or 3.96 per cent to close at 32.243.05 index points as against 31.016.17 recorded the previous day.

Market capitalisation of equities appreciated by N641bn or 3.96 per cent to close higher at N16.85tn from N16.21tn as market sentiment remained on the green territory.

Meanwhile, a turnover of 636.01 million shares in 7,210 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 279.43 million shares exchanged by investors in 2,885 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 Ecobank Plc followed with a turnover of 145.68 million shares in 1,341deals.

The number of gainers at the close of trading session was 49 while decliners closed at 11.

Further analysis of the day’s trading showed that Wapco Plc, Mutual Benefits Assurance Plc, NNFM Plc and Oando Plc topped the gainers’ table with 10 per cent each to close at N21.45, 22 kobo, N6.05 and N2.97 per share.

Sterling Bank Plc followed with 9.89 per cent to close at N2.00 per share and Cutix Plc with a gain of 9.83 per cent to close at N1.90 per share.

On the flip side, NCR Plc led the losers’ chart with a drop of 10 per cent to close at N1.80 per share.

Learn Africa Plc followed with a loss of 8.70 per cent to close at N1.05 per share while Conoil Plc dropped by 6.30 per cent to close at N17.85 per share.