High cap stocks push market to N374.9bn gain

Gains of high capitalised stocks on the Nigerian Stock Exchange (NSE), advanced the equities market by 3.12 per cent on Tuesday as investors gain N374.94 billion.

Positive sentiments and gains of Nestle Nigeria, Dangote Cement, MTN Nigeria, Zenith Bank and Access Bank contributed the bullish trade as market capitalisation closed at N12.40 trillion having advanced by 3.12 per cent, just as the All Share Index closed at 23,809.31 basis points. Accordingly, the Month-to-Date gain increased to 3.4 per cent as Year-to-Date losses moderated to -11.3 per cent.

Market breadth also closed positive as 29 gainers were recorded against seven losers, improved performance when compared with the previous outlook.

Analysing by sectors, the performance was positive as all sector indices gained aside from the Insurance index that lost by 0.3 per cent. The Banking (+2.4%) and Consumer Goods (+2.4%) indices led the gains, followed by the Industrial Goods (+1.6%) and Oil and Gas (+0.7%) indices.

Specifically, Dangote Cement led the gainers’ chart having gained ten per cent to close N143 per share. Neimeth Pharmaceutical followed having gained N0.05 Kobo or 9.3 per cent to close at 59 Kobo per share.

May and Baker topped the losers’ chart having lost 27 Kobo or ten per cent to close at N2.43 Kobo, followed by NPF Microfinance Bank, whose shares declined by 9.6 per cent to close at N1.13 kobo`1.

The total volume of trades increased by 38.2 per cent to 345.18 million units, valued at N4.25 billion and exchanged in 4,689 deals. Guaranty Trust Bank was the most traded stock by volume and value at 54.29 million units and N1.14 billion, respectively.

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