Bargain hunting: NSE market capitalisation inches higher by N199bn

The Nigerian equities on Tuesday, extended its positive momentum with the market capitalisation increasing further by N199 billion, as investors stepped -up bargain-hunting ahead of 2021.

Specifically, the market capitalisation rose by N199 billion or 1.09 per cent to close at N18.410 trillion compared with N18.211 trillion achieved on Monday.

Also, the All-Share Index gained 381.78 or 1.10 per cent to close at 35,225.22 from 34,843.44 on Monday.

The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which were; Dangote Cement, Lafarge Africa, Zenith Bank, Guaranty Trust Bank and Guinness.

Market breadth was positive with 29 stocks gainers in contrast with 14 losers.

Lasaco Assurance dominated the gainers’ chart in percentage terms, improving by 10 per cent to close at 33k per share.

AXA Mansard trained by 9.38 per cent to close at 70k, while FTN Cocoa rose by 8.33 per cent to close at 52k per share.

Japaul Gold and Ventures (former Japaul Oil and Maritime Services) grew by eight per cent to close at 27k, while Lafarge Africa appreciated by 7.14 per cent to close at N22.50 per share.

On the other hand, Grief led the losers’ chart in percentage terms with 9.89 per cent to close at N8.20 per share.

Red Star Express followed with 9.76 per cent to close at N3.05, while Unity Bank declined by 9.82 per cent to close at 62k per share.

Omatek Ventures shed 8.33 per cent to close at 22k, while Jaiz Bank depreciated by 8.06 per cent to close at 57k per share.

Also, the total volume traded rose by 27 per cent as investors bought and sold 264.242 million shares worth N2.95 billion traded in 4,354 deals.

This was in contrast with a total of 208.09 million shares valued at N3.70 billion achieved in 4,154 deals on Monday.

Transactions in the shares of Access Bank topped the activity chart with 36.47 million shares worth N295.34million.

FBN Holdings sold 33.83 million shares valued at N236.64 million, while Zenith Bank traded 23.42 million shares worth N538.62 million.

Dangote Sugar accounted for 23.03 million shares valued at N407.57 million, while Jaiz Bank transacted 22.16 million shares worth N13.42 million.