NSE: Market indices extend positive sentiment

The Nigerian stock market on Wednesday extended its positive sentiment rally with the market indices appreciating by 1.40 per cent.

Specifically, the All-Share Index (ASI) increased by 334.06 points, representing a growth of 1.40 per cent to close at 24,143.37, compared with 23,809.31 on Tuesday.

Similarly, the market capitalisation rose by N174 billion or 1.40 per cent to close at N12.582 trillion against N12.408 trillion recorded on Tuesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nigerian Breweries, Chemical & Allied Products, Guaranty Trust Bank, Guinness Nigeria and Ardova Plc.

Looking ahead, analysts at United Capital Plc expected development in the crude oil market, decisions to ease lockdown and the resulting economic impact to drive sentiments in the capital market.

Market breadth closed positive, with 35 gainers against four losers.

Consolidated Hallmark Insurance and Nigerian Breweries led the gainers’ table in percentage terms, growing by 10 per cent to close at 33k and N33 per share, respectively.

Ardova followed with a gain of 9.84 per cent to close at N13.95, per share.

CAP appreciated by 9.57 per cent to close at N22.90, while UACN Property Development Company appreciated by 9.52 per cent to close at 92k, per share.

Conversely, C& I Leasing led the losers’ chart, dropping by six per cent, to close at N4.70.

UACN followed with a decline of 3.47 per cent to close at N6.95, per share.

Union Diagnostic lost 3.13 per cent to close at 31k, while International Breweries shed two per cent to close at N4.90 per share.

The total volume traded rose by 23.59 per cent with an exchange of 426.64 million shares worth N4.10 billion traded in 7,384 deals.

This was against a turnover of 345.18 million shares valued at N4.25 billion exchanged in 4,689 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 91.92 million shares valued at N448.07 million.

Zenith Bank followed with 63.39 million shares worth N994.76 million, while Access Bank sold 55.94 million shares valued at N365.49 million.

Guaranty Trust Bank accounted for 45.88 million shares worth N1.05 billion, while Sterling Bank transacted 24.78 million shares worth N32.24 million.