Blue Chip stocks pushes capialisation above N12trn mark

As the market awaits half year earnings of some blue-chip stocks, equites investors adds N142 billion, pushing market capitalisation above N12 trillion market, to close at N12.09 trillion.

Trading on floor of the Nigerian Stock Exchange (NSE) was recorded 14th consecutive gains on Tuesday, as the All Share Index (ASI) grew 0.32 per cent or 412.95 points to 35,065.47 points, crossing the 35,000 mark, and further expanding the Year-to-Date return to 32.22 per cent.

Performance was largely driven by gains recorded by blue-chip stocks led by Nestle, Forte Oil and others, leaving the market breadth positive with 27 advancers against 18 decliners.

Nestle chalked up N8 to settle at N910 per share, while Forte Oil appreciated by N5.40k to finish at N62.90k per share.

Furthermore, Okomu Oil moved up by N3 to close at N67 per share, UBA added 65k to end at N10.10k per share, and Zenith Bank gained 60k to close at N23.85k per share.

On the flip side, Nigerian Breweries shed N3.40k to end at N155.60k per share, and UACN lost 71k to finish at N16.68k per share.

In addition, Dangote Sugar declined by 42k to end at N8.71k per share, NASCON fell by 15k to settle at N9.15k per share, while Lafarge crashed by same margin, 15k, to close at N60.5k per share.

A total of 288.6 million shares worth N2.5 billion exchanged hands in 2,578 deals, largely influenced by interests in UBA and other stocks, which were active on the floor of the Nigerian Bourse.

At the close of trading activities on Tuesday, UBA traded 118.5 million shares for N1.2 billion, while Transcorp exchanged 38.3 million units worth N63.2 million.

Also, Fidelity Bank sold 25.6 million shares valued at N33 million, Access Bank transacted 21.5 million shares worth N216.8 million, while Fidson traded 12.6 million shares at N38.8 million.