Leadership (Abuja)

Nigeria: NSE - Investors' Wealth Up By N121 Billion

The bulls yesterday strengthened their grip on the equities market as trading activities continued to soar hitting all time record of 33064.37 index mark.

At the close of trading virtually all the highly capitalised stocks appreciated in price, causing market capitalisation to rise further by N121billion.

Consequently, 60 stocks appreciated in value as against eight that shed value. Volume of shares traded also firmed up, as 720.million shares valued at N6.5 billion were exchanged in 8,404 deals yesterday, higher than 578million shares valued at N4.3 billion exchanged in 7,7404 on Monday.

Specifically, at the close of transactions yesterday, the All-Share index of the NSE rose by 379.34 points or 1.14 per cent, from 32,6854.3 recorded on Monday to 33064.37 while market capitalisation increased by N121 billion from N10,457 trillion to N10,578 trillion.

Further analysis of yesterday's transactions showed that UBN led the bulls up by 10 per cent to close at N9.57 per share while Dangote Sugar Company followed with 9.95 per cent to close at N8.51 per share.

On the flip side, Enterna Oil topped the losers' chart with 4.97 per cent to close at N4.40 per share. Forte Oil followed with 4.96 per cent to close at N16.67 per share.

On the activity chart, the banking sub-sector dominated in volume terms with 425.4 million shares worth N4billion in 3,721 deals, followed by the insurance sub-sector which trailed with 87.4 million units valued at N76.9 million in 424 deals.

Transactions in the shares of Access Bank and UBA buoyed activities in the banking sub-sector while Mutual Benefit activated the insurance sector.

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