Stock Exchange Capitalisation Hits N17tr Mark
The market capitalisation of the Nigerian Stock Exchange (NSE) hit the N17 trillion mark Wednesday, even as sustained bargain-hunting for dividend-paying stocks continue to stimulate activities in the nation’s bourse.
At the close of trading Tuesday, the All-Share Index (ASI) gained 404.05 absolute points, representing an increase of 1.25 per cent to close at 32,647.10 points while market capitalisation gained N211 billion, to close at N17.059 trillion.
The upturn was impacted by gains recorded in large and medium value stocks, including MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, NASCON Allied Industries, Dangote Sugar Refinery, and Ardova Plc.
On market performance, InvestData Consulting Limited said: “The nation’s equity market indices, closed higher in the aftermath of a surge in demand for high cap and dividend-paying stocks, which recently released impressive Q3 numbers.”
They also noted that investors positioned themselves in banking stocks ahead of their scorecards release, adding that all of these were helped by the inflow of funds from maturing OMO bills and other investment windows to the equity space.
Sentiment, as measured by market breadth, was positive, as 39 stocks gained, relative to 11 losers. Cadbury Nigeria, GlaxoSmithKline Consumer Nigeria, and Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent each to close at N9.35, N6.60, and N2.20, per share, respectively.
NASCON followed with 9.96 per cent to close at N15.45, and Northern Nigeria Flour Mills rose 9.92 per cent to close at N6.65, per share.
On the other hand, the Associated Bus Company led the losers’ chart by 8.82 per cent to close at 31 kobo, per share. PZ Cussons Nigeria followed with 5.38 per cent to close at N4.40, and Chams shed 4.35 per cent to close at 22 kobo, per share.
United Capital lost 3.17 per cent to close at N4.28, while Lasaco Assurance slipped 2.86 per cent to close at 34 kobo, per share.
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