NSE market capitalisation crosses N10trn mark

The market capitalisation of the Nigerian Stock Exchange (NSE), on Friday, rose by N206 billion to hit the N10 trillion market for the first time in 2017.

The News Agency of Nigeria (NAN), reports that trading closed higher at N10.047 trillion against N9.841 trillion recorded on Wednesday.

NAN further reports that the All-Share Index inched 602.91points or 2.12 per cent to close at 29,064.52 compared with 28,461.61 posted on Thursday, due to price gains.

Mr Ambrose Omordion, the Chief Operating Officer, Invest Data Ltd., attributed the growth to the economy recovery and foreign exchange liquidity.

Omordion stated that contraction of the Gross Domestic Product (GDP) by 0.52 per cent in the first quarter of 2017 from 1.77 per cent posted in the fourth quarter of 2016 contributed to the investors’ confidence.

He said the figure showed that the country’s recession was gradually coming to an end.

Dangote Cement led the gainers’ table, growing by N3.80 to N166.80 per share.

Okomuoil followed with a gain of N2.09 to close at N52.99 and Guaranty Trust Bank added N1.68 to close at N35.28 per share.

Flour Mills Nigeria increased by 96k to close at N20.23 per share.

Conversely, Mobil Oil topped the losers’ chart, dropping by N14.98 to close at N234.65 per share.

Cadbury trailed with a loss of 48k to close at N9.42 and Unilever was down by 25k to close at N35.75 per share.

NASCON declined by 20k to close at N8.50, while NAHCO depreciated by 15k to close at N2.89 per share.

Also, the volume of shares traded closed higher with a turnover of 725.54 million shares valued at N5.72 billion exchanged in 4,435 deals.

This was in contrast with 418.94 million shares worth N4.96 billion traded in 3,944 deals on Thursday.

The banking stocks remained the toast of investors with Diamond Bank emerging the most traded, accounting for 204.12 million shares valued at N187.82 million.

Access Bank came second with an exchange of 144.73 million shares worth N1.09 billion and Guaranty Trust Bank sold 59.25 million shares valued at N2.08 million.

United Bank for Africa traded 51.26 million shares worth N383.72 million, while Zenith Bank accounted for 44.33 million shares valued at N841.50 million.