Equities market remains upbeat, market capitalisation up N58bn


The Nigerian Stock Exchange (NSE) recorded a bullish performance on Tuesday with the market capitalisation improving by N58 billion following gains in high capitalised stocks.

Specifically, the market capitalisation which opened at N11.786 trillion rose by N58 billion or 0.49 per cent to close at N11.844 trillion.

Also, the All-Share Index increased by 111.59 basis points or 0.49 per cent to close at 22,727.87 basis points against 22,616.28 basis points achieved on Monday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nestle, Guaranty Trust Bank, Zenith Bank, Dangote Sugar Refinery and FCMB Group.

Analysts at Afrinvest Limited said they expected investors to continue to take position in fundamentally sound stocks in the near term.

Market breadth closed positive, with 18 gainers in contrast with 10 losers.

Cornerstone Insurance led the gainers’ chart in percentage terms, rising by 9.26 per cent, to close at 59k per share.

Lasaco Assurance came second with a gain of 7.69 per cent to close at 28k, while FCMB Group rose by 6.25 per cent to close at N1.70 per share.

Guaranty Trust Bank grew by five per cent to close at N21, while Zenith Bank appreciated by 4.58 per cent to close at N14.85 per share.

On the other hand, Wapic Insurance led the losers’ chart in percentage terms, dropping by 7.41 per cent, to close at 25k per share.

Africa Prudential followed with a loss of 5.95 per cent to close at N3.48, while Caverton dipped 4.86 per cent to close at N2.35 per share.

Unilever Nigeria lost 4.55 per cent to close at N10.50, while International Breweries shed 4.17 per cent to close at N4.60 per share.

Similarly, the total volume of shares traded rose by 151.4 per cent as investors bought and sold 266.63 million shares worth N2.75 billion traded in 4,259 deals.

This was in contrast with a total of 108.12 million shares valued at N1.N15 billion transacted in 3,354 deals on Monday.

Transactions in the shares of United Bank for Africa topped the activity chart with 48.83 million shares worth N290.17 million.

FBN Holdings followed with 39.12 million shares valued at N172.74 million, while Access Bank traded 34.05 million shares worth N213.75 million.

Zenith Bank accounted for 27.05 million shares valued at N395.09 million, while FCMB Group transacted 23.69 million shares worth N38.18 million.