Stock market gains N98bn

The key market performance measures, the NSE All Share Index and market capitalisation, rose by 0.92 per cent, as market sentiment extended gaining streaks. The nation’s stocks last week posted a seventh consecutive weekly loss the longest since September 2011, as investors anticipating a devaluation of the naira continue to shy away from the country’s assets. The market, which closed last Friday and Monday for the Eid-el-Fitr celebrations, has dropped 7.2 per cent this quarter, the worst-performance globally outside of China, according to a Bloomberg ranking of 93 primary indexes.

Consequently, the All- Share Index gained 284.4 basis points or 0.98 per cent to close at 31,332.39 as against 31,047.99 recorded the previous day, while the market capitalisation of equities appreciated by N98 billion or 0.92 per cent to close at N10.725 trillion from N10.627 trillion.

Meanwhile, a turnover of 1.056 billion shares worth N15.7 billion in 3,471 deals were recorded in the day’s trading. The banking subsector of the financial services sector was the most active (measured by turnover volume) with 901.9 million shares worth N14.8 billion exchanged by investors in 1,284 deals.

Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and Access Bank Plc. Insurance sub-sector also of the financial services sector, boosted by activities in the shares of Linkage Insurance Plc followed with a turnover of 40.2 million shares valued at N23.6 million in 124 deals.

The number of gainers at the close of trading session was 28, while decliners closed at 20. Oando Petroleum Plc led the gainers’ table with 10.24 per cent to close at N13.89 per share, while Transcorp Plc followed with a gain of 9.91 per cent each to close at N2.33 per share. FCMB Plc added 5.26 per cent to close at N3.00 per share.