Stock market ends five-day decline, gains N310bn

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Johnson Okafor

Nigerian equity market, on Monday, reversed some of the losses it recorded during the last five consecutive trading days.

The market breadth closed on a positive note with 26 gainers against 14 decliners

The All-Share Index grew by 592.7 basis points or 1.73 per cent from 34,250.74 index points last Friday to 34,843.44 on Monday while the market capitalisation of equities appreciated by N310bn to close at N18.21tn.

On the activity chart, the premium subsector dominated in volume terms with 67.60 million shares exchanged in 1,499 deals. The subsector was enhanced by the activities in the shares of Access Bank Plc and Zenith Bank Plc.

The banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Jaiz Bank Plc followed with 46.59 million units traded in 756 deals.

In all, investors exchanged a total of 208.09 million shares exchanged in 4,155 deals.

Further analysis of the day’s trading showed that Airtel Africa Plc led the gainers with 10 per cent to close at N704.00 per share.

Royal Exchange Plc followed with a gain of 9.52 per cent to close at 23 kobo per share while AIICO Insurance Plc rose by 9.09 per cent to close at N1.15 per share.

On the other hand, Prestige Assurance Plc led the losers’ chart with a drop of 10 per cent to close at 45 kobo per share.

International Breweries Plc followed with a loss of 9.89 per cent to close at N6.47 per share while Cutix Plc dropped by 9.47 per cent to close at N1.72 per share.