Equities market opens with +0.98% as capitalisation hits N9trn

THE equities market closed today on a positive note, as Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 0.98 per cent to close at 26,071.16 basis points, compared with the 0.31 per cent appreciation recorded on Friday. Its Year-to-Date (YTD) returns currently stands at -8.98 per cent.

Accordingly, market value improved by N87.2 billion as market capitalisation rose back to N9.0 trillion.

Market breadth closed positive as Seplat Plc led 23 gainers against 14 losers topped by AVONCROWN  at the end of trading session on Tuesday, an improved performance when compared with previous outlook.

Market turnover also closes on a positive note as volume climbed by 247.11 per cent against 34.62 per cent decline recorded in the previous session.

Wema Bank Plc, First City Monument Bank Plc and Diamond Bank Plc were the most active to boost market turnover, while Mobil Plc and Nigerian Breweries Plc topped market value list.

However, First City Monument Bank Plc led the list of active stocks that recorded impressive volume spike at the end of the day session.

Performance across sectors was mixed today as the Oil & Gas index surged 6.3 per cent on the back of increased buying interest in SEPLAT and Forte Oil Plc, while the Industrial Goods index gained 0.9 per cent. The Banking index followed suit, rising 0.7 per cent. Contrarily, the Insurance index slid 0.7 per cent as losses in Mansard Insurance Plc and Wapic Insurance Plc impacted sector performance, while the Consumer Goods index marginally lost two basis points on account of declines in 7UP Plc.

According to analysts at Afrinvest, the current trend in the stock market is largely driven by recent development in the Oil & Gas sector as oil prices hit US$55.84 per barrel. They however, predicted some profit taking by investors in trading sessions ahead.