NSE market capitalisation inches N218 bn on rates retention anticipation

Activities on the Nigerian Stock Exchange (NSE) opened for the week on Monday on a bullish trend with the market capitalisation appreciating by N218 billion.

It was reported that the market capitalisation, which opened at N11.725 trillion, inched N218 billion or 1.86 per cent to close at N11.943 trillion.

Also, the All-Share Index improved by 632.25 points or 1.86 per cent to close at 34,652.52, compared with 34,020.27 achieved on Friday, amid huge gains by some blue chips.

Market analysts attributed the improved growth to investors anticipation of policy rates retention by the Central Bank of Nigeria (CBN) at the ongoing Monetary Policy Committee (MPC) ending on July 25.

They stated that investors reactions to 2017 half year earnings being released in the market contributed to the upward trend.

Dangote Cement led the gainers’ table for the day, gaining N10.60 to close at N222.60 per share.

Julius Berger followed with a gain of N1.70 to close at N36 and Stanbic IBTC appreciated by N1.01 to close at N33.50 per share.

Flour Mills increased by 97k to close at N26.70, while Access Bank gained 43k to close at N10.08 per share.

Conversely, Nestle topped the losers’ table, declining by N16 to close at N902 per share.

PZ industries trailed with a loss of 62k to close at N21.40 and Okomu Oil was down by 50k to close at N57.50 per share,

It was reported that Berger Paint lost 25k to close at N6.52 per share.

Access Bank, in the banking subsector, recorded the highest volume of activities, trading 73.56 million shares worth N730.18 million.

It was trailed by United Bank for Africa, having sold 34.62 million shares valued at N323.28 million, while Guaranty Trust Bank traded 32.58 million shares worth N1.22 billion.

Unity Bank traded 29.94 million shares worth N14.97 million and Transcorp exchanged 16.29 million shares valued at N25.55 million.

In all, investors bought and sold 293.75 million shares worth N3.95 billion transacted in 3,712 deals.

This was in contrast with a turnover of 378.19 million shares valued at N5.11 billion achieved in 4,516 deals on Friday.