NSE market hits 11-month high, up by 2.77%

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Indices at the Nigerian Stock Exchange (NSE) recorded an 11-month high, appreciating by 2.77 per cent, amid huge gains by banking and cement stocks.

The All-Share Index crossed the 30,000 mark, growing by 815.83 points or 2.77 per cent, to close at 30,314.14, as against 29,498.31 recorded on Wednesday.

Also, the market capitalisation inched N282 billion or 2.77 per cent to close at N10.479 trillion, compared with the N10.197 billion achieved on Wednesday.

An analysis of the price movement table showed that Mobil Oil recorded the highest gain for the day, improving by N14.22, to close at N298.87 per share.

Dangote Cement followed with a gain of N8.75 to close at N183.75 and Nigerian Breweries appreciated by N7.40, to close at N156.90 per share.

Beta Glass advanced by N2.42 to close at N50.70, while Flour Mills added N1.05 to close at N22.05 per share.

Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd. attributed the massive growth to stability in the foreign exchange market, due to the Central Bank of Nigeria (CBN’s) new policies.

Kurfi said that some investors were taking advantage of low valuation of stocks to increase their stake in the market.

On the other hand, 7UP topped the losers’ chart,  dropping by N4.73  to close at N90.04  per share.

Seplat trailed with a loss of N1.98 to close at N350.01 and Guaranty Trust Bank was down by 54k, to close at N33.47 per share.

Oando declined by 45k to close at N8, while UACN lost 24k to close at N14.75 per share.

Also, the volume of shares transacted rose by 26.59 per cent as investors bought and sold 434.43 million shares valued at N4.63 billion, achieved in 5,107 deals.

This was in contrast with a turnover of 343.19 million shares worth N3.34 billion exchanged in 4,905 deals on Wednesday.

Diamond Bank was the most active in volume terms,  exchanging 71.68 million shares worth N72.68 million.

United Bank for Africa came second with 66.42 million shares valued at N521.98 million and Access Bank traded 48.27 million shares worth N405.16 million.

FCMB exchanged 44.79 million shares valued at N52.72 million, while FBN Holdings sold 37.22 million shares worth N216.82 million. 

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