NSE market capitalisation appreciates further by N202billion
•Analysts link upward trend to improved performance
Transactions on the trading floor of the Nigerian Stock Exchange (NSE), sustained its rising profile yesterday, as more blue-chip stocks appreciated in price, causing market capitalisation to rise further by N202billion.
Specifically, at the close of trading yesterday, the All-Share Index on crossed 39,000 mark, after it peaked at 38,000 on Tuesday, thereby increasing by 580.88 points or 1.51 per cent to close at 39,075.30 against 38,494.42 achieved the previous day.
Similarly, market capitalisation increased significantly by N202billion or 1.51 per cent to close at N13.608trillion compared with N13.406trillion achieved on Tuesday.
The Chief Operating Officer, InvestData Ltd., Ambrose Omordion, attributed the development to increasing foreign inflow into the bond and stock markets.
According to Omordion, many stocks had remained attractive on the stronger numbers occasioned by improved corporate performance.
He added that the positive economic data, and the rising external reserve also contributed to the growth.
Further analysis of the price movement chart indicated that Okomu Oil Palm led others on the gainers’ chart with 2.78 kobo to close at N70.00 per share. Nigerian Breweries followed with 2.40 kobo to close at N140.40 per share.
Flour Mills Nigeria added 1.60 to close at N34.70 per share. Unilver gained N1.45 to close at N44.40. National Salt rose by 1.38 kobo to close at N17.12 per share.
On the other hand, GlaxosmithKline topped the losers’ chart, dropping by 4.14 kobo to close at N21.66 per share. Julius Berger trailed with a loss of 1.00 kobo to close at N27.00 per share. PZ shed 89 kobo to close at N22.01 per share. Red Star Express dropped 13.00 kobo to close at N4.91 per share.
The volume of shares traded closed higher, appreciating by 34.71 per cent as investors bought and sold 703.68 million shares valued at N7.29billion transacted in 6,125 deals. This was against the 522.35 million shares worth N7.52billion exchanged in 5,150 deals on Tuesday.
Custodian and Allied Insurance was the most active with 131.82 million shares valued at N494.40million. UBA sold 92.46 million shares valued at N986.68million, while FBN Holdings accounted for 86.45 million shares worth N732.07million. Zenith Bank traded 71.18 million shares valued at N1.84 billion, while Transcorp traded 46.53 million shares worth N69.85million.
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