NSE capitalisation hits N17tr mark, as investors sustain appetite in dividend paying stocks
The market capitalisation of the Nigerian Stock Exchange (NSE) hit the N17 trillion mark yesterday, even as sustained bargain-hunting for dividend-paying stocks continue to stimulate activities in the nation’s bourse.
At the close of trading Tuesday, the All-Share Index (ASI) gained 404.05 absolute points, representing an increase of 1.25 per cent to close at 32,647.10 points while market capitalisation gained N211 billion, to close at N17.059 trillion.
The upturn was impacted by gains recorded in large and medium value stocks, including MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, NASCON Allied Industries, Dangote Sugar Refinery, and Ardova Plc.
On market performance, InvestData Consulting Limited said: “The nation’s equity market indices, closed higher in the aftermath of a surge in demand for high cap and dividend-paying stocks, which recently released impressive Q3 numbers.”
They also noted that investors positioned themselves in banking stocks ahead of their scorecards release, adding that all of these were helped by the inflow of funds from maturing OMO bills and other investment windows to the equity space.
Sentiment, as measured by market breadth, was positive, as 39 stocks gained, relative to 11 losers. Cadbury Nigeria, GlaxoSmithKline Consumer Nigeria, and Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent each to close at N9.35, N6.60, and N2.20, per share, respectively.
NASCON followed with 9.96 per cent to close at N15.45, and Northern Nigeria Flour Mills rose 9.92 per cent to close at N6.65, per share.
On the other hand, the Associated Bus Company led the losers’ chart by 8.82 per cent to close at 31 kobo, per share. PZ Cussons Nigeria followed with 5.38 per cent to close at N4.40, and Chams shed 4.35 per cent to close at 22 kobo, per share.
United Capital lost 3.17 per cent to close at N4.28, while Lasaco Assurance slipped 2.86 per cent to close at 34 kobo, per share.
Meanwhile, the total volume traded fell by nine per cent to 578.779 million shares worth N7.743 billion, traded in 7,651 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 67.914 million shares valued at N1.621 billion. FBN Holdings (FBNH) followed with 64.722 million shares worth N464.010 million, while Access Bank traded 60.236 million shares at N538.721 million.
Fidelity Bank traded 35.489 million shares valued at N99.917 million, and Guaranty Trust Bank transacted 34.812 million shares worth N1.209 billion.