Equity Investors Gain N1.8trn As Market Sets New Records

The Nigerian Exchange Limited set new records at the close of trading on Tuesday as the benchmark index, the All-Share Index rose by 3.93 per cent to 87,971.09 points, a new high.

Similarly, the market capitalisation rose by the same percentage to close at N48.139tn; another milestone, thus securing a gain of N1.8tn for investors on the local bourse.

The bullish trend was driven by price appreciation in large and medium capitalised stocks including Dangote Sugar, Nascon Allied Industries; two companies in the process of a merger, Berger Paints, Flour Mills, Honeywell Flourmills, Lafarge Africa, Nigerian Breweries, Transcorp, Universal Insurance Plc, FTN Cocoa and Sterling Financial Holdings Company Plc. All these stocks appreciated by 10 per cent at the close of trading.

FBN Holdings once again crossed the N1tn market capitalisation level to N1.053tn. It had crossed last week before going below the market.

As measured by market breadth, market sentiment was positive, as 77 stocks gained against 10 stocks on the losers’ table.

On the other hand, Royal Exchange Plc led others on the losers’ chart with 8.16 per cent depreciation to close at N0.90 per share. Multiverse lost 6.59 per cent to close at N17, Ellahlakes dipped 4.79 per cent to close at N3.38, Oando Plc lost 3.60 per cent to close at N12.05 per unit and UACN lost 3.13 per cent to close at N15.50 per share.

The volume and value drivers of the day’s market trend were led by stocks of JaizBank, AIICO, FCMB Group, Transcorp, Nascon and NB.

Transaction volume for the day stood at 1,09 billion, compared to the previous day’s volume of 807.51 million with the trades valued at N16.04bn from the 14,835 deals executed. The number of stocks traded was 123.