Gains in high cap stocks lift NSE’s index by N112 billion
Following price gains recorded by most highly capitalised stocks, transactions on the equity sector of the Nigerian Stock Exchange (NSE) reopens on an upward note yesterday, as market capitalisation increased by N112 billion.
Specifically, at the close of trading yesterday, the All Share Index (ASI) gained 218.19 absolute points, representing a growth of 0.74 percent to close at 29,633.58 points, as the year-to-date return registered 10.40 percent. Similarly, the market capitalisation gained N112 billion to close at N15.287 trillion.
The upturn was largely boosted by capital appreciation recorded in the shares of the following mid and large capitalised stocks, MTN Nigeria, UAC of Nigeria (UACN), GlaxoSmithKline Consumer Nigeria (Glaxosmith), United Bank for Africa (UBA) and Flour Mills of Nigeria. Capital market analysts predict high demand dividend-paying stocks like MTN, Zenith Bank, UBA as well as interest in Dangote Cement and BUA Cement, due to their recent corporate action.
Analysts at Afrinvest Limited argued that the bullish run would persist as investors continue to show renewed interest in the market. Market breadth closed negative, 16 stocks posted gains while 21 stocks posted declines. MTN Nigeria recorded the highest price gain of 10 percent, to close at N127.60, per share.NPF Micro Finance Bank followed with a gain 9.68 per cent to close at N1.36, while UACN appreciated by 7.80 per cent to close at N11.05, per share.
Lasaco Assurance went up by 7.41 per cent to close at 29 kobo, while Glaxosmith appreciated by 6.60 per cent to close at N5.65, per share. On the other hand, Cadbury Nigeria led the losers’ chart by 9.95 per cent, to close at N9.50, per share. Transcorp Hotel followed with a decline of 9.18 per cent to close at N4.45, while Neimeth International
Pharmaceuticals went down by 8.93 to close at 51 kobo, per share. Presco lost 8.17 percent to close at N52.25, while Unilever Nigeria shed 5.26 per cent to close at N18, per share.Also, the total volume traded increased by 28.07 per cent to 348.24 million shares, worth N8.55 billion, and traded in 5,377 deals.
Transactions in the shares of Access Bank topped the activity chart with 63.69 million shares valued at N682.46 million.UBA followed with 40.63 million shares worth N354.19 million, while Zenith Bank traded 39.5 million shares valued at N861.15 million.UACN traded 24.37 million shares valued at N268.65 million, while Guaranty Trust Bank transacted 18.17 million shares worth N573.72 million.
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