Investors Gain N577.4b as NSE Index Hits 36,000 Mark

Stock Investors

By Modupe Gbadeyanka

The rally at the stock market was sustained for the 15th consecutive day as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) buoyed by 3.40 percent or 1207.77 points to settle at 36,740.77 points, crossing the 36,000 mark for the first time in several months.

Yesterday, as the Central Bank of Nigeria (CBN) announced keeping its MPR at 14 percent, the market reacted positively to it, leaving the market capitalisation to cross the N12 trillion mark for the first time since 2015.

Today, investors gained a total of N577.4 billion, the biggest daily gain in years, to push the market capitalisation to N12.7 trillion.

Business Post observed that investors continued their interests in banking stocks as they await half year earnings of the lenders, which might start coming in from next week.

at the close of midweek trading activities, First Bank emerged the most active stock, trading a total of 42.8 million shares valued at N258 million.

It was closely followed by UBA, which exchanged 34 million units for N345.8 million, and Zenith Bank, which sold 33.3 million shares worth N838.4 million.

Furthermore, Access Bank transacted a total of 30.9 million shares worth N324.4 million, while Fidelity Bank sold 28.9 million shares at N39.3 million.

In all, a total of 335.3 million shares were exchanged in 5,385 deals on the trading floor of the NSE on Wednesday worth N4.6 billion.

An analysis of the price movement chart showed Dangote Cement as the biggest gainer, growing by N11.50k to settle at N245 per share.

Total Plc rose by N11.1k to finish at N268 per share, while Nigerian Breweries moved up by N7.90k to close at N165.90k per share.

In addition, Presco appreciated by N4.45k to end at N68.50k per share, and Okomu Oil advanced by N3.67k to settle at N70.87k per share.

On the other hand, Business Post reports that Mobil suffered the heaviest fall after losing N1.50k to settle at N253 per share.

UBA followed with a slip of 33k to close at N10.8k per share, and Union Bank slumped by 26k to end at N5.43k per share.

Furthermore, SCOA dropped 18k of its share value to finish at N3.59k per share, while Custodian & Allied declined by 16k to settle at N3.40k per share.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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