Market capitalisation gains N239bn as Investors renewed interest in Nestle Nigeria, Dangote cement

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By Kayode Tokede

The Nigerian Stock Exchange (NSE) market capitalisation gained N239 billion in about six hours of trading on Wednesday, due to crash in money market instruments and improved third quarter earnings.

Specifically, the market capitalisation which opened at N15.147 trillion rose by N239 billion or 1.58 per cent to close at N15.386 trillion.

Also, the All Share Index increased by 457.31 basis points or 1.58 per cent to close at 29,437.60 basis points from 28,980.29 basis points posted on Tuesday.

Accordingly, Month-to-Date and Year-to-Date returns both increased to 9.7 per cent respectively.

Sectoral performance reflected the general market sentiment, as all sector indices gained. The Consumer Goods (+5.7 per cent) index led the gains, followed by the Oil & Gas (+2.1 per cent), Insurance (+1.5 per cent) Banking (+1.2 per cent), and Industrial Goods (+1.1 per cent) indices.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nestle, Total, Dangote Cement, Conoil and Flour Mills.

Market breadth remained positive with 41 gainers and five laggards.

An analysis of the price movement chart shows that Custodian Investment and Nestle topped the gainers’ chart in percentage terms, gaining 10 per cent each to close at N6.05 and N1,292.50 per share, respectively.