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Bullish trend continues, share value rises by N140bn

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By Michael Eboh

The recent rally in the  Nigerian capital market, entered its second day, as the value of listed equities on the Nigerian Stock Exchange (NSE) rose Tuesday, by N139.63 billion.
Particularly, the value of listed equities rose by 2.33 per cent to close at N6.125 trillion from N5.986 trillion at which it opened.

The All-share index, another key market indicator, also appreciated by 2.33 per cent to close at 26,861.55 points from 26,249.28 points.

Ndidi Okereke
Ndidi Okereke

The rally was occasioned by gains on the share prices of majority of the listed equities, with Nestle Nigeria Plc recording the most share price gain, rising by N6.99 to close at N189.99 per share, African Petroleum Plc followed with a gain of N5.23 to close at N110.00 per share and Oando Plc garnered N4.40 to close at N92.45 per share.
Other share price gainers include: Seven-up Bottling Company Plc N1.45, Guinness Nigeria Plc N1.45, Julius Berger Nigeria Plc N1.40, First Bank of Nigeria Plc N1.04, PZ Cussons Nigeria Plc N0.97, UAC Property Development Company Plc N0.81, Dangote Sugar Refinery Plc N0.72 among others.

Conversely, Conoil Plc recorded the most share price loss, dropping by N3.07 to close at N58.43 per share, Benue Cement Company Plc followed with a loss of N1.80 to close at N43.00 per share and Glaxo SmithKline Consumer Plc shed N0.90 to close at N17.20 per share.

Other share price losers include: BOC Gases Plc N0.76, Intercontinental Bank Plc N0.47, Tripple Gee and Company Plc N0.35, Prestige Assurance Plc N0.25, Red Star Express Plc N0.16, Abbey Building Society Plc N0.13, Big Treat Plc N0.12 among others.

Equity trading appreciated by 25.13 per cent, as a turnover of 549.05 million shares valued at N4.11 billion was recorded in 10,595 deals, in contrast to the previous day’s turnover of 438.8 million shares valued at N3.4 billion in 8,360 deals.

Banking stocks remained the toast of investors, accounting for 57.64 per cent of the market turnover, with 316.49 million shares valued at N3.11 billion in 5,803 deals. Access Bank Plc recorded the most patronage in the sub-sector, trading 58.99 million shares valued at N527.06 million in 608 deals, United Bank for Africa Plc followed with the exchange of 44.9 million shares valued at N605.73 million in 569 deals and Oceanic Bank International Plc recorded 32.47 million shares valued at N235.33 million in 697 deals.

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