Nigerian Stocks Hit Record Highs as Market Capitalisation Crosses N14tr Mark

By Modupe Gbadeyanka

Trading activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday and at the close of transactions, the stock market posted a very positive growth, rising by 2.38 percent.

The market capitalisation increased today by N329.7 billion to settle at N14.181 trillion, crossing the N14 trillion milestone for the first time in many months.

In the same vein, the All-Share Index gained 926.39 points to finish at 39,849.65 points, crossing the 39,000 mark again today.

Analysts said the bullish momentum today showed the strong confidence investors have in the local bourse, coming from the positive performance of 2017.

Business Post reports that Monday’s upbeat was buoyed by the gains recorded by blue-chip stocks like Dangote Cement, Mobil, Guinness Nigeria, Conoil, Nigerian Breweries amongst others.

It was also boosted by positive investor sentiments towards stocks in the banking, industrial and consumer goods sectors.

And at the close of trades, a total of 40 equities recorded price appreciation at the market today compared with nine price stocks, which recorded price depreciation.

Dangote Cement emerged the highest price gainer, increasing by N11.15k to settle at N234.26k per share.

It was followed by Mobil, which appreciated by N8.50k to finish at N178.50k per share, and Guinness Nigeria, which rose by N4.40k to end at N100 per share.

Conoil progressed by N3.1k to settle at N32.41k per share, while Nigerian Breweries improved by N1.90k to close at N140 per share.

On the other hand, Vitafoam, which released its audited financial statements for the 2017 today, posting a loss of N128 million in the financial year, suffered a loss of 16k to close at N3.9k per share.

It was trailed by Dangote Sugar, which declined by 15k to finish at N21.70k per share, and C&I Leasing, which fell by 7k to close at N1.36k per share.

Africa Prudential Registrars lost 5k today to settle at N4.48k per share, while University Press slumped by 4k to finish at N2.55k per share.

On the activity chart, Transcorp was the most traded stock in terms of volume, transacting a total of 115.2 million shares worth N203.3 million.

Nigerian Breweries sold 88.3 million shares for N12.4 billion, and Diamond Bank traded 82.7 million shares valued at N162.3 million.

FCMB exchanged 41.2 million shares worth N80.1 million, while FBN Holdings traded 40.5 million shares valued at N379 million.

At the close of trades on Monday, a total of 604.5 million shares worth N16.2 billion exchanged hands in 5,769 deals in contrast to 753.3 million shares valued at N11 billion transacted by investors last trading session in 7,253 deals.