Business

Market capitalisation up by N63 billion in bullish trading

Nigerian-Stock-Exchange-1062x598

Following price gains recorded by most blue-chip stocks, transactions on the equity sector of the Nigerian Stock Exchange re-opened in an upbeat yesterday, as market capitalisation rose by N63 billion.

Also, the total volume of transactions traded also increased to 603.1 million shares, worth N3.8billion, and traded in 3,832 deals.

Specifically, the All-Share Index (ASI) gained 175.09 absolute points, representing a growth of 0.45 per cent to close at 38,844.32 points from 38,669.23 achieved on Friday.

Similarly, the market capitalisation gained N63 billion from N14.007 billion to N14.071 trillion.

The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Nascon Alied Industries, Nigerian Breweries, Flourmill Nigeria and Guaranty Trust Bank.

Analysts at APT Securities and Funds Limited said: “Gains so far continue to be dominated by big cap stocks in Consumer Goods and Banking sector. We expect more positive stance this week as sentiment traction seems quiet relaxed.”

Afinvest Securities Limited said: “Last week’s gains were largely in line with expectations as positive performance was largely driven by bargain hunting in bellwethers following successive weeks and 11 consecutive days of losses.

Hence, we believe the rebound in the market will be sustained in the coming week as investors continue to take advantage of existing attractive entry prices in fundamentally sound stock.”|

Also, market breadth closed positive, with 30 gainers versus 20 losers. NASCON Allied Industries recorded the highest price gain of 7.14 per cent, to close at N24, while Diamond Bank followed with a gain of 6.58 per cent to close at N1.62, per share.

Japaul Oil gained 6.45 per cent to close at 33 kobo, while NAHCO and Equity Assurance appreciated by five per cent to close at N4.20 and 21 kobo per share, respectively.

On the other hand, Berger Paints led the losers’ chart by five per cent, to close at N8.55 per share.

BOC Gas followed with a decline of 4.97 per cent, to close at N4.21, while Eterna depreciated by 4.73 per cent to close at N6.25 per share.

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