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Nairaland Forum / Nairaland / General / Business / Equities Market Capitalisation Hits Record N15trn On Continuing Rally (247 Views)
Naira Hits Record Low Of N1,348.63 /$1 At The Official Market / Dangote Cement Emerges First Stock To Hit ₦10 Trillion Capitalisation On NGX / UBA Crosses N1tn Market Capitalisation On NGX (2) (3) (4)
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Equities Market Capitalisation Hits Record N15trn On Continuing Rally by Truth234(m): 3:33am On Jan 12, 2018 |
The Nigerian equities market has continued to record an unprecedented rally since the beginning of the week, lifting the market capitalisation to an all-time high of N15.317 trillion yesterday. The market, which had recovered from a three-year decline to gain 42.3 per cent in 2017, has remained bullish contrary to expectation of profit taking. By the close of trading yesterday the Nigerian Stock Exchange(NSE) All-Share Index (NSE ASI) has jumped by 8.1 per cent in four days to close at 42,041.54, while market capitalisation added N1.467 trillion to hit a record N15.317 trillion. Specifically, the ASI appreciated by 2.93 per cent yesterday as bellwether stocks such as FBN Holdings, UBA, Zenith Bank, Dangote Cement, and Nigerian Breweries rallied. A total of 56 stocks added value, while 10 depreciated. Honeywell Flour Mills Plc led the led the gainers’ chart, rising by 9.97 per cent. It was trailed by Cement Company of Northern Nigeria Plc with 9.96 per cent, while Champion Breweries Plc, Fidelity Bank Plc and Wema Bank Plc garnered 9.92 per cent, 9.92 per cent and 9.6 per cent in that order. Conversely, University Press Plc led the price losers with 4.7 per cent, trailed by Meyer Plc with 4.4 per cent. Learn Africa Plc, NEM Insurance Plc and Berger Paints Nigeria Plc shed 4.0 per cent, 3.1 per cent and 2.6 per cent respectively. Also, volume of trading appreciated as investors traded 1.162 billion shares worth N17.375 billion, up from 1.089 billion shares valued at N13.296 billion the previous day. The three most actively traded stocks were Transcorp (208.77 million shares), Diamond Bank (149.70 million shares) and Zenith Bank (129.43 million shares). Performance across sectors was bullish as all indices closed in the green. The NSE Banking Index was the top performer, rising 4.4 per cent on the back of buying interest across board. The NSE Industrial Goods Index trailed with 3.3 per cent growth, while the NSE Consumer Goods Index rose 2.3 per cent. The NSE Oil & Gas Index went up by 2.7 per cent, while the NSE Insurance Index ended 1.7 per cent higher. Commenting on the market performance, analysts at FSDH said:The market rally continued against expectations. Sector performances were mostly bullish, as all sectorial indices closed positive. There may be profit taking in the market in the next few trading sessions.” Similarly, analysts at Cordros Capital said: We expect stocks to rally further, driven by still-positive market fundamentals and improving macroeconomic outlook.” http://investorsking.com/equities-market-capitalisation-hits-record-n15trn-continuing-rally/ |
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