Equities value rises by N324bn as rally deepens

The market capitalisation of equities listed on the Nigerian Stock Exchange surged by N324bn or 3.1 per cent to close at N10.763tn on Wednesday, boosted by increased demand for stocks.

The NSE All-Share Index also rose by 3.1 per cent, or 944.81 basis points, from 30,458.86 basis points to 31,403.75 basis points.

It was the third straight day of gains for both indicators, which halted an eight-session slide on Monday when they rose by 0.22 per cent to close at N10.367tn and 30,247.83 basis points, respectively.

On Tuesday, the NSE All-Share Index appreciated by 0.7 per cent or 211.03 basis points to close at 30,458.86 basis points, while the market capitalisation of the listed equities gained by N72bn or 0.7 per cent to close at N10.439tn.

Wednesday’s gains, however, dwarfed those of the preceding sessions as, apart from the huge appreciation recorded by the two top indicators, eight of the nine other indices appreciated.

The exception was the NSE Alternative Securities Index, which closed flat at 1,210.13 basis points.

A total of 336.160 million shares worth N3.073bn were traded in 4,243 deals on Wednesday with 36 stocks appreciating in value and 17 others declining in value.

The appreciation in market capitalisation was largely boosted by big cap stocks such as Forte Oil Plc, Dangote Cement Plc, Nigerian Breweries Plc and Guinness Nigeria Plc.

Forte Oil rose by N8.95 to close at N202.95; Dangote Cement was up by N8.5 to close at N180.5; while Nigerian Breweries and Guinness Nigeria rose by N6.05 and N5.93 per share, respectively.

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