May 29: Market capitalisation inches to N490bn

The Nigerian equities market on Tuesday experienced a turnaround with the market capitalisation improving by N490 billion or 3.68 per cent, ahead of the May 29 inauguration.

Specifically, the All-Share Index improved by 1,112.29 points or 3.68 per cent to close at 31,307.00, against the 30,194.71 recorded on Monday.

Similarly, the market capitalisation inched N490 billion or 3.68 per cent to close at N13.789 trillion, in contrast with N13.299 trillion achieved on Monday.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the growth to gains recorded by Nestle, Seplat and Dangote Cement.

Omordion said that relatively high oil price and Seplat expansion into gas business which would boost performance contributed to the market growth.

He added that end of month window dressing by fund managers and stockbrokers contributed to the development.

Analysts at APT Securities and Funds Limited stated that “The market rebounded at the end of today’s trading as anticipated.

“We, therefore, advise for medium to long term positioning on stocks that are fundamentally justified and have shed weight significantly as the market is most likely to take off along the green region, in anticipation of positive economic reforms.

“This is expected to have an ample effect on the equities market and the economy at large,” they said.

A breakdown of the price movement table shows that Nestle led the gainers’ table, increasing by N50 to close at N1, 450 per share.

Seplat came second with a gain of N29.90 to close at N549.90, while Dangote Cement garnered N9.60 to close at N201.60 per share.

MTN Nigeria Communications appreciated by N2.55 to close at N132.55, while Nigerian Breweries added N2 to close at N60 per share.

On the other hand, PZ Cussons recorded the highest loss to lead the losers’ chart, dropping by 40k to close at N8.10 per share.

Flour Mills also lost 40k to close at N13.35, while Eterna was down by 35k to close at N3.65 per share.

NAHCO lost 12k to close at N3.18, while Africa Prudential Registrars declined by four kobo to close at N3.56 per share.

Guaranty Trust Bank led the activity chart, exchanging 67.12 million shares worth N2.15 billion.

Zenith Bank followed with an account of 52.09 million shares valued at N1.04 billion, while FBN Holdings traded 44.68 million shares worth N1.04 billion.

Access Bank exchanged 41.77 million shares valued at N256.46 million, while United Bank for Africa traded 20.28 million shares worth N123.51 million.

In all, a total of 344.31 million shares valued at N7.27 billion transacted in 4,456 deals, an increase of 132.31 per cent.

This was against the 148.21 million shares worth N2.22 billion exchanged in 3,654 deals on Monday.