NSE index extends gains by 1.83%

Equities extended their positive run to a fourth session on Tuesday, leading major market indicators up.

At the close of trading, the Nigerian Stock Exchange All-Share Index rose by 1.83 per cent from 29,864.84 basis points to 30,225.34 basis points.

Similarly, the market capitalisation of the listed equities appreciated by 1.83 per cent, or N186bn, to N10.394tn, compared to the 2.15 per cent appreciation that lifted it to N10.208tn the previous day.

Investors exchanged 938.209 million shares valued at N7.487bn in 6,065 deals on Tuesday with 39 stocks recording price appreciation and 20 others recording price depreciation.

Top gainers for the day included Nigerian Breweries Plc and Lafarge Africa Plc, which rose by N5.1 and N3.02 to close at N126.59 and N103 per share, respectively.

PZ Cussons Nigeria Plc gained N2.46 to close at N26.61 per share, while Okomu Oil Plc and Stanbic IBTC Holdings Plc rose by N2.21 and N2.01 to close at N23.81 and N21.65 per share in that order.

Forte Oil Plc ended up on the losers’ table after it declined by N3.5 to close at N248.5 per share.

Conoil Plc and Cadbury Nigeria Plc fell by N3.23 and N1.42 to close at N30.05 per share and N27.14 per share, respectively, while Total Nigeria Plc and Flour Mills of Nigeria Plc were down by 99 kobo and 93 kobo per share in that order.

The Chief Executive Officer, Highcap Securities, Mr. David Adonri, had explained to our correspondent on Monday that the recent gains were as a result of several factors, including growing confidence in global markets.

“Secondly, you know the NSE ASI declined to a 52-week low at 28,000 basis points, we were just a little bit away from the one-year low of 27,000 points. So, it appeared that the market had come to a resistant level; and it was bound to rebound,” he added.

He added that the payment of interim dividends by Guaranty Trust Bank, Zenith Bank and Access Bank and some other companies as well as the low value of most stocks helped to boost investor confidence as well.

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