FCMB, others lift stock market capitalisation by N21 billion
Gains recorded by many blue-chip stocks, especially First City Monument Bank (FCMB) and Northern Nigeria Flour Mills (NNFM), aided transactions on the Nigerian Exchange Limited (NGX) yesterday, causing market capitalisation to appreciate by N21 billion.
The All-Share Index (ASI) gained 40.01 absolute points, up by 0.10 per cent, to close at 38,848.02 points.
Similarly, the overall market capitalisation value rose by N21 billion to close at N20.331 trillion.
The upturn was also driven by price appreciation in medium and large capitalised stocks amongst such as UAC of Nigeria (UACN), NNFM, Guaranty Trust Bank, MTN Nigeria Communications (MTNN) and FCMB Group.
Analysts at Vetiva Dealing & Brokerage: “Barring another large cross on any of the large-caps in tomorrow’s session, we expect trading to be mixed with a slightly positive tilt. We note the possibility of some investors taking profit on the recent gains and do not rule out a slight sell-off on the banking names ahead of further earnings releases.”
On the price movement chart, 18 stocks appreciated while 12 constituted the losers’ chart. FCMB Group emerged the highest price gainer with 9.77 per cent to close at N2.92 kobo while NNFM and University Press followed with a gain 9.35 per cent each, to close at N5.85 kobo and N1.17 kobo.
Honeywell Flour Mill rose by 9.24 per cent to close at N1.30 kobo while Mutual Benefits Assurance appreciated by 8.82 per cent to close at 37 kobo.
On the other hand, FTN Cocoa Processors led the losers’ chart by 10 per cent to close at 45 kobo. Unity Bank followed with a decline of 7.81 per cent to close at 59 kobo.
UACN Property Development Company shed 5.06 per cent to close at 75 kobo. Jaiz Bank shed 4.69 per cent to close at 61 kobo while Africa Prudential depreciated by 4.55 per cent to close at N5.25 kobo.
Meanwhile, the total volume of trades increased by 93.8 per cent to 508.637 million units, valued at N32.101 billion, and exchanged in 4,324 deals.
Transactions in the shares of MTNN topped the activity chart with 181.733 million shares valued at N29.677 billion. Fidelity Bank followed with 106.876 million shares worth N224.749 million, while FBN Holdings (FBNH) traded 35.019 million shares valued at N267.176 million.
UACN traded 20.429 million shares valued at N209.024 million, while Zenith Bank transacted 18.168 million shares worth N392.777 million.
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