NSE’s capitalisation hits N14tr mark amid sustained bulls run

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NSE’s capitalisation hits N14tr mark amid sustained bulls run – The Nigerian Stock Exchange (NSE) market capitalisation closed trading for the month of September at N14 trillion, yesterday, amid sustained bargain hunting activity.

The All-Share Index (ASI), rose 201.80 absolute points, a 0.76 per cent growth to close at 26,813.76 points.

Similarly, the overall market capitalisation gained N117 billion, or 0.84 per cent to close at N14.025 trillion.

The difference in the indices is as a result of the listing of Dangote Sugar Refinery Plc additional 146.88 million ordinary shares on the NSE’s daily official list.

The upturn was impacted by gains recorded in large and medium capital stocks, including Total Nigeria, Dangote Cement, MTN Nigeria Communications, Guaranty Trust Bank, and UAC of Nigeria (UACN).

Analysts at Afrinvest Limited, said: “We remain optimistic about a sustained bullish run as we approach earnings season.”

Market sentiment, as measured by the market breadth, closed positive, as 20 stocks gained, relative to eight losers. Total Nigeria recorded the highest price gain of 10 per cent to close at N96.80 per share. Eterna followed with a gain of 9.60 per cent to close at N2.74, while UACN rose 9.45 per cent to close at N6.95, per share.

Read also: NSE: Bears on rampage, market capitalisation loses N136bn

Wapic Insurance advanced 5.71 per cent to close at 37 kobo, and Jaiz Bank garnered 5.17 per cent, to close at 61 kobo, per share.

On the other hand, University Press led the losers’ chart by 6.77 per cent to close at N1.24 per share. Nigerian Breweries followed with a 6.76 per cent fall to close at N49.00, and PZ Cussons Nigeria lost 5.88 per cent to close at N4.00, per share.

Wema Bank shed 5.26 per cent to close at 54 kobo, while Union Bank of Nigeria (UBN) slipped 2.91 per cent to close at N5.00, per share.

However, the total volume traded depreciated by 21.87 per cent to 322.773 million shares worth N4.039 billion, traded in 4,046 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 83.687 million shares valued at N105.436 million. Access Bank followed with 46.104 million shares worth N308.345 million, and Zenith Bank traded 24.871 million shares at N443.397 million.

Lafarge Africa traded 18.703 million shares valued at N280.591 million, while Fidelity Bank transacted 17.195 million shares worth N32.184 million.

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