NSE market capitalisation rises further by N130bn

Sentiments remained positive on the Nigerian Stock Exchange (NSE) on Wednesday, with the market capitalisation growing by N130 billion due to gains by Dangote Cement.

Specifically, the market capitalisation inched higher by N130 billion or 1.03 per cent to close at N12.743 trillion compared with N12.613 trillion recorded on Tuesday.

Also, the All-Share Index (ASI) increased by 249.36 points or 1.03 per cent to close at 24,452.23 against 24,202.87 achieved on Tuesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, among which were; Dangote Cement, Zenith Bank, BUA Cement, Guaranty Trust Bank and Stanbic IBTC Holdings.

Analysts at APT Securities and Funds Limited attributed the development to strong buying signal in the market on the back of improved investors sentiment.

Consequently, market breadth remained positive, with 37 gainers against five losers.

Red Star Express recorded the highest price in percentage terms, gaining 10 per cent, to close at N3.41 per share.

Jaiz Bank followed with 9.09 per cent to close at 60k, while Lasaco Assurance rose by 8.70 per cent to close at 25k per share.

Wapic Insurance rose by 6.90 per cent to close at 31k, while Transcorp appreciated by 5.48 per cent to close at 77k, per share.

Conversely, Unity Bank led the losers’ chart in percentage terms, declining by 3.85 per cent to close at 50k per share.

Union Diagnostics followed with a loss of 3.23 per cent to close at 30k, while Lafarge Africa lost 2.65 per cent to close at N11 per share.

Wema Bank dipped 1.72 per cent to close at 57k, while Access Bank shed 0.76 per cent to close at N6.55, per share.

Similarly, the total volume of shares transacted increased by 28.57 per cent as investors bought and sold 436.84 million shares valued N5.41 billion exchanged in 5,195 deals.

This was in contrast with a turnover of 339.76 million shares worth N3.92 billion traded in 4,784 deals on Tuesday.

Transactions in the shares of Zenith Bank topped the activity chart with 75.07 million shares valued at N1.22 billion.

Access Bank trailed with 50.76 million shares worth N329.23 million, while Guinness sold 34.21 million shares valued at N581.91 million.

United Bank of Africa traded 31.47 million shares worth N206.31 million, while Guaranty Trust Bank transacted 31.08 million shares worth N740.92 million.