Nigerian equities market maintained its bullish trend for the third day on Thursday as the overall performance measures, NGX ASI and market capitalization, rose further by one per cent.
Market watchers believe the development is as a result of sustained confidence as bargain hunters leveraged on undervalued stocks.
Consequently, the All-Share Index rose by 460.38 basis points or one per cent to close at 45.890.52 index points as against 45.430.14 recorded the previous day, while market capitalization of equities appreciated by N249 billion or one per cent to close higher at N24.724 trillion from N24.476 trillion as market sentiment remained on the green territory.
Meanwhile, a turnover of 873,49 million shares in 4,342 deals was recorded in the day’s trading. The premium subsector was the most active (measured by turnover volume), with 181.48 million shares exchanged by investors in 1,471 deals.
Volume in the subsector was driven by activities in shares of FBNH Plc and Dangote Cement Plc.
The insurance subsector, boosted by activities in shares of Sovereign Trust Insurance Plc and Mutual Benefits Assurance Plc, followed with a turnover of 44.42 million shares in 244 deals.
The number of gainers at the close of trading session was 27, while decliners closed at only nine. Further analysis of the day’s trading showed that NNFM Plc led the gainers’ table by 9.92 per cent to close at N7.20 per share, while Learn Africa Plc followed with 9.32 per cent to close at N1.29 per share and Cadbury Nigeria Plc, with a gain of 7.95 per cent, to close at N9.50 per share.
On the flip side, Dangote Sugar Plc led the losers’ chart by 2.74 per cent to close at N17.75 per share. Stanbic IBTC Plc followed with a loss of 2.70 per cent to close at N36.00 per share, while Adova Plc dropped by 2.60 per cent to close at N13.10 per share.
