Positive sentiment propels N45bn gain at the stock market on Tuesday

Heavy trading in the shares of some blue-chip companies sustained a positive rally in the Nigerian Stock Exchange (NSE) on Tuesday, June 9, 2020, propelling a gain of N45 billion.

The NSE All-Share Index rose by 0.34 percent, gaining 85.19 basis points to close at 25.335.15 as against 25.249.96 on Monday, while market capitalisation appreciated by N45 billion to close at N13.22 trillion from N13.17 trillion the previous day.

A turnover of 268 million shares were traded in 4,137 deals on Tuesday.

The market breadth was however negative as the number of gainers at the close of trading was 13 as against 22 losers.

The Insurance subsector was the most active (measured by turnover volume), with 108.42 million shares traded by investors in 226 deals. The subsector was largely driven by activities in the shares of Mutual Benefits Plc and AIICO Insurance Plc.

The premium subsector was boosted by activities in the shares of FBN Holdings Plc and the United Bank for Africa Plc, with a turnover of 46.71 million shares in 1,401 deals.

BOC Gases Nigeria Plc, Mutual Benefits Assurance and Royal Exchange Plc led the gainers’ table with a gain of 10 per cent each to close at N4.51, 22 kobo and 22 kobo per share respectively.

Neimeth International Pharmaceuticals Plc followed with a gain of 9.79 per cent to close at N2.13 per share, while Prestige Assurance Plc appreciated by 9.38 per cent to close at 70 kobo per share.

On the other hand, 11Plc, formerly Mobil Oil Plc, led the losers’ table, dropping by 9.96 per cent to close at N4.51 per share.

Fidson Healthcare Plc lost 7.69 per cent to close at 22 kobo per share while Japaul Oil & Maritime Services Plc declined by 7.41 per cent to close at 25 kobo per share.