… As Isong steps in
Following positive sentiment by investors in Oil stocks, trading activities on the floor of the Nigerian Stock Exchange (NSE), yesterday sustained its bull run as market capitalization rose by N117 billion to close at N14.188 trillion.
Owing to significant interests in the shares of Seplat and Mobil, the Oil & Gas (+4.89 per cent) index posted the largest gain among sectoral indices. The Insurance (+0.88 per cent), Industrial Goods (+0.49 per cent), and Consumer Goods (+0.38 per cent) indices followed suit while the Banking (-0.04 per cent) index closed in the red.
Specifically, the All-Share Index (ASI) gained 322.72 points or 0.83 per cent to close at 39,167.04 points even as the Month-to-Date and Year-to-Date gains improved to 2.79 and 2.42 per cent, respectively.
Market analysts said, “As relatively lower prices continue to attract investors, supported by strengthened macroeconomic fundamentals, gains at the domestic bourse is likely to extend its bull-run”
Market breadth remained positive, with 27 gainers and 21 losers. Seplat topped the gainers’ chart with 8.14 per cent gain to close at N769 per share, Mobil was next with 4.99 per cent to close at N183, NEM trailed with 4.80 per cent to close at N2.62, Equity Assurance garnered 4.76 per cent to close at 0.22 kobo while Unity Bank rose by 4.55 per cent to close at 0.92 kobo.
On the other hand, Prestige topped the losers’ chart with 4.69 per cent to close at 0.61 kobo per share. Eterna Oil went down by 4.48 per cent to close at N5.97, FCMB lost 4.17 per cent to close at N2.30, Niger Insurance fell by 3.85 per cent to close at 0.25 kobo while AG Leventis decreased by 3.77 per cent to close at 0.51 kobo per share.
UCAP was the most active traded stock with the sale of 82.65 million shares valued at N262.65 million, Dangote Sugar followed with the sale of 56.88 million shares valued at N1.18 billion while Africa Prudential traded about 49.57 million shares worth N213.15 million.