The Nigerian Stock Exchange (NSE) market capitalisation yesterday closed positive, extending its impressive run to 12th successive trading day to close above N15 trillion.
The All Share Index (ASI) increased by 1,354.88 absolute points, representing a growth of 4.92 per cent to close at 28,909.37 points. Similarly, the market capitalisation rose by N708 billion to close at N15.110 trillion.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria Communication (MTNN), Presco, Nigerian Breweries and Stanbic IBTC Holdings.
For the month of October, analysts at United Capital Plc said that “We expect that the positive sentiment in the equities market will be sustained as investors position for third quarter (Q3), 2020 earnings publications.
“Also, we expect some of the scheduled OMO maturity of N1.7 trillion in October, 2020 to filter into the equities market as investors continue to search for alpha returns. Overall, we are of the view that the equities market is not only in correction mode but set for a positive close for the year. As such, we advise hesitant investors to get involved.”
Market breadth closed positive, with 45 gainers versus eight losers. Cornerstone Insurance, International Breweries and Presco recorded the highest price gain of 10 per cent each, to close at 66 kobo, N4.29 and N60.50, respectively, per share. FBN Holdings (FBNH) followed with a gain 9.91 per cent to close at N6.10, while Northern Nigeria Flour Mills (NNFM) rose by 9.88 per cent to close at N4.45, per share.
Dangote Cement went up by 9.86 per cent to close at N158.20, while Lafarge Africa appreciated by 9.69 per cent to close at N17.55, per share. On the other hand, NPF Microfinance Bank led the losers’ chart by 8.76 per cent, to close at N1.25, per share. Wapic Insurance followed with a decline of 7.69 per cent to close at 36 kobo, while Academy Press lost 6.90 per cent to close at 27 kobo, per share.
Berger Paints Nigeria lost 6.15 per cent to close at N6.10, while Neimeth International Pharmaceuticals shed 5.13 per cent each to close at N1.85, per share.
The total volume traded rose by 24.1 per cent to 749.468 million shares, worth N9.495 billion, and traded in 8,075 deals. Transactions in the shares of Zenith Bank topped the activity chart with 135.699 million shares valued at N2.772 billion. United Bank for Africa (UBA) followed with 112.888 million shares worth N768.183 million, while FBN Holdings traded 89.911 million shares valued at N544.408 million.
Access Bank traded 56.031 million shares valued at N426.278 million, while Guaranty Trust Bank transacted 40.064 million shares worth N1.224 billion.