Equity Market Sustains Positive Momentum, Gains 1.54%

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Transactions on The Nigerian Stock Exchange Thursday, closed positive, as Insurance and Oil and Gas sector maintain strong positive sentiment to extend the recent gain to four successive sessions.

Market forces of demand and supply of shares of medium and highly capitalized companies pushed the aggregate measure of corporate gains, The Nigerian Stock Exchange All Share Index  (ASI) and market capitalization further by 1.54 per cent.

Summarily, the ASI stretched by 622.09 absolute points, representing a rise of 1.54 percent to close at 40,963.14 points, while the market capitalization gained N325.27 billion, representing a growth of 1.54 percent to close at N21.42 trillion.

Its Year-to-Date returns currently stands at 1.72 percent.

At the close of trading session for the day, Chapion Breweries Plc emerged top gainer in terms of percentage with the maximum price appreciation of 9.82 percent, while COURTVILLE Solutions Plc topped the losers’ chart with a price depreciation of 8.33 percent.

Investment analyst at Afrinvest said the stock market gains for the day was largely driven by price appreciation in medium and large capitalized stocks amongst which are; Champion Breweries Plc led with 9.82 percent to close at N2.12 per share, NASCON Plc followed with 9.72 percent to close at N15.95 per share,  and JAPAUL GOLD Plc 9.45 percent to close at  N1.27 per share.

Others are:  Axa-Mansard Plc with 9.42 percent to close at N1.38  per share and ARDOVA Plc’s 9.25 percent to close at N20.00 per share.

The trading volume also surged by 72.89 percent as against the 59.86 percent plunge recorded on Wednesday.

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