26 stocks appreciate, market gains N79bn

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Image result for 26 stocks appreciate, market gains N79bnThe Nigerian Stock Exchange market capitalisation soared by N79bn on Thursday as 26 counters appreciated. The NSE  All-Share Index advanced by 0.62 per cent at the end of trading, pushing the year-to-date return to 38.18 per cent.

A total of 412.122 million shares valued at N4.721bn exchanged hands in 4,207 deals.

The total volume of trades increased by 64.18 per cent, while market turnover expanded by 25 per cent. The market recorded 17 declines.

Equities market capitalisation closed at N12.799tn from N12.720tn.

Dangote Sugar Refinery Plc topped the gainers’ list, advancing by 9.8 per cent to close at N14 per share. Other stocks that featured on the list include C&I Leasing Plc, Airline Services and Logistics Plc, Livestock Feeds Plc and Cement Company of Northern Nigeria Plc.

On the other hand, Cutix Plc, which closed at N2.09 per share, emerged as the worst-performing stock with a five per cent decline in price. This was followed by NPFMicrofinance Bank Plc, May & Baker Plc, Mobil Oil Nigeria Plc and Aiico Insurance Plc.

Sector performance as measured by NSE sector indices showed that at the close of trades, only the NSE oil/gas index dropped, declining by 0.19 per cent.

The NSE banking, the NSE food/beverages, the NSE industry and the NSE insurance indices appreciated, gaining 1.57 per cent, 0.95 per cent, 0.23 per cent and 0.10 per cent, respectively.

Analysts at Meristem Securities said, “We attribute the markets’ performance to gains recorded on some large cap stocks, as well as the continued positive investor sentiments which have pervaded the market following the release of impressive financial scorecards by some companies.

“We expect the current market mood to be sustained in the coming week upon the release of the half-year results by the tier-1 banks.”

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