Market Capitalisation Rises By N404bn As Bulls Make Rebound
The bulls regained dominance on the equities sector of the Nigerian Exchange Limited (NGX), as many blue-chip companies recorded price appreciation, causing market capitalisation to surge by N404 billion.
Specifically, at the close of transactions yesterday, the market capitalisation of listed equities increased by 1.71 per cent to N24.034 trillion from N23.630 trillion reported on Tuesday
Also, the All-Share Index which measures the performance of quoted companies also appreciated by 749.52 basis points from 43859.30 points to 44608.82 points.
Investors traded 266.328 million shares valued at N3.822 billion in 4502 deals against 294.539 million shares cost N7.768 billion exchanged hands the previous day in 4501 deals.
The market’s improved performance was driven by price appreciation in large and medium capitalised stocks, which are; Dangote cement, Seplat, MTNN, Guinness, BUA Foods, Academy Press and Jaiz Bank.
As measured by market breadth, market sentiment was positive as 24 stocks recorded price appreciation, while 15 others constituted the gainers chart.
Further breakdown of yesterday’s transactions showed that Jaiz Bank and Academy Press led gainers’ chart, appreciating by 10 per cent each to close at 66 kobo respectively, while Unity Bank followed with a gain of 8.70 per cent to close at 50 kobo. Sovereign Trust Insurance added 8.33 per cent to 26 kobo. Mutual Benefits Assurance appreciated by 7.41 per cent to close at 29 kobo.
On the contrary, Regal Insurance recorded the highest loss, shedding 8.70 per cent to 42 kobo, while Chi Plc trailed with a loss of 8.70 per cent to close at 63 kobo. Sunu Insurance fell by 8.11 per cent to close at 34 kobo.
AIICO Insurance depreciated by 3.70 per cent to close at 78 kobo. Neimeth International Pharmaceutical shed 3.23 per cent to close at N1.80 kobo.
On the activity chart, Transnational Corporation of Nigeria was the most active stock during the day, exchanging 89.018 million shares valued at N89.873 million.
FBNHoldings followed with an account of 30.490 millions shares worth N365.671 million, Jaiz Bank traded 14.202 million shares valued at N8.974 million.
Sterling Bank sold a total of 11.694 million shares valued at N17.701 million while GTCO Plc exchanged 9.830 million shares valued at N250.318 million.