Stock market advances with N40bn gain

The bulls maintained its grip on the market activities following gains recorded majorly by blue chip stocks as investors positioned to leverage undervalued stocks.

The key market performance measures, the NSE All-Share Index and market capitalisation, rose by 0.31 per cent as market sentiments extended gaining streaks, following investors’ sustained optimism on undervalued stocks. The rally, according to market watchers, was driven by bargain hunting activities on the back of undervalued stocks, following renewed appetite in anticipation of share appreciation.

Market capitalisation of equities appreciated by N40bn or 0.31 per cent to close higher at N12.959tn from N12.919tn as market sentiment remained on the green territory.Premium sub-sector was the most active ; with 38.47 million shares exchanged by investors in 1,358 deals.Banking sub-sector boosted by the activities in the shares of GTB Plc and Sterling Bank Plc followed with a turnover of 24.55 million shares in 676 deals.

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Renewed bargain-hunting push market index by 0.29%Specifically, at the close of trading Monday, the ASI increased by 72.39 absolute points or 0.29 per cent to close at 24,766.12 points. Similarly, the market capitalisation rose by N37 billion to close at N12.919 trillion. StockMarket Nigeria
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