Equities market gains N212bn to hits N17trn mark in cap


Activities  on the Nigerian Stock Exchange (NSE) remained positive on Tuesday with the market capitalisation hitting N17 trillion benchmark due to gains in high capitalised stocks.

Specifically, the market capitalisation appreciated by N212 billion to close at N17.059 trillion compared with N16.847 trillion recorded on Monday.

Similarly, the All-Share Index improved by 404.05 points or 1.25 per cent to close at 32,647.10 basis points against 32,243.05 basis points achieved on Monday.

The equities market Month-to-Date and Year-to-Date gains increased to 6.9 per cent and 21.6 per cent, respectively.

Sector performances were largely positive today as Oil & Gas (+1.32 per cent), Banking (+0.93 per cent), Consumer Goods (+0.75 per cent) and Industrial (+0.22 per cent) sectors all closed positively.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria Communications, Stanbic IBTC Holdings, NASCON Allied Industries, Dangote Sugar Refinery and Ardova.

Market sentiment remained positive with 39 gainers compared with 11 losers.

Cadbury Nigeria, GlaxoSmithKline and Neimeth International Pharmaceuticals topped the gainers’ chart in percentage terms, gaining 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, while Northern Nigeria Flour Mills rose by 9.92 per cent to close at N6.65 per share.

Conversely, Associated Bus Company led the losers’ chart in percentage terms dropping 8.82 per cent to close at 31k per share.

PZ Cussons followed with a loss of 5.38 per cent to close at N4.40, while Chams shed 4.35 per cent to close at 22k per share.

United Capital dipped 3.17 per cent to close at N4.28, while Lasaco Assurance depreciated by 2.86 per cent to close at 34k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 67.91 million shares valued at N1.62 billion.

FBN Holdings trailed with 64.72 million shares worth N464.01 million, while Access Bank traded 60.24 million shares valued at N538.72 million.

Fidelity Bank sold 35.49 million shares worth N99.92 million, while Guaranty Trust Bank transacted 34.81 million shares worth N1.21 billion.

In all, the total volume of shares traded decreased by nine per cent with an exchange of 578.78 million shares worth N7.74 billion in 7,651 deals.

This was in contrast with a turnover of 636.01 million shares valued at N8.24 billion transacted in 7,210 deals on Monday.

According to analysts at InvestmentOne Research “The equities market closed up today due to the gains recorded across major sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns amidst a low-interest-rate environment. Nonetheless, we reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”