Equities market are having a good time as the market has gained N471 billion in three days following renewed demand for stocks by bargain hunters. Continuing demand for shares as investors took advantage of low prices, has seen the market capitalisation rise by N768 billion between Monday and wednesday. The market capitalisation rose from N13.019 trillion to N13.787 trillion. wednesday accounted for N470.9 billion, while the Nigerian Stock Exchange (NSE) All-Share Index rose 3.54 per cent to close 28,562.48. Year-to-date the market has recorded a growth of 6.4 per cent.
A total of 36 stocks appreciated yesterday comprising bellwethers such as Dangote Cement Plc, MTN Nigeria Communications Plc, Stanbic IBTC Holdings Plc, Zenith Bank Plc, and Guaranty Trust Bank Plc, Ecobank Transnational Incorporated Plc, United Bank for Africa Plc. Apart from the ASI that appreciated, volume and value of trading also rose 66.2 per cent and 58.4 per cent to 741.8 million shares and N9.2 billion respectively.
FBN Holdings Plc and Union Diagnostics and Clinical Services Plc led with 10 per cent, trailed by Julius Berger Nigeria Plc with 9.8 per cent. Conoil Plc chalked up 9.7 per cent, just as Cornerstone Insurance Plc and Union Bank of Nigeria Plc garnered 9.5 per cent and 9.4 per cent in that order. Dangote Cement Plc, Honeywell Flour Mills Plc and Chams Plc garnered 9.3 per cent, 8.9 per cent and 8.8 per cent respectively.
Others are:Livestock Feeds Plc (8.7 per cent); Caverton Offshore Services Group Plc (8.3 per cent); Fidelity Bank Plc (8.2 per cent) and Presco Plc (8.0 per cent.
Conversely, Tripple Gee & Company Plc led the price losers with 9.3 per cent, trailed by Thomas Wyatt Nigeria Plc and UACN Property Development Company Plc with 7.8 per cent and 7.4 per cent respectively.
Other top losers were: Champion Breweries Plc(5.2 per cent); Japaul Oil and Maritime Services Plc( 4.7 per cent); Total Nigeria Plc (3.5 per cent); UAC of Nigeria Plc (2.1 per cent); Unilever Nigeria Plc (2.0 per cent).
In terms of sectoral performance, the NSE Banking Index remained the highest gainer with 3.7 per cent, followed by the NSE Insurance Index with 2.7 per cent. The NSE Consumer Goods Index rose 0.3 per cent, while the NSE Oil & Gas Index closed 0.2 per cent higher.
Meanwhile, UBA led the activity chart for the second day running, accounting for 156 million shares, followed by Zenith Bank Plc and Access Bank Plc 86.1 million shares and 82.4 million in that order.