Market Capitalisation Adds N53b on Sustained Buy Interest

By Modupe Gbadeyanka

At the close of transactions on the floor of the Nigerian Stock Exchange (NSE) on Wednesday, the market capitalisation of equities increased by N52.9 billion to close at N11.4 trillion.

The market closed 0.47 percent higher today, majorly influenced by sustained buy interest in large-cap stocks just like yesterday as investors hope for positive half year results.

Seven-Up was the biggest gainer on Wednesday, moving up by N7.23k to close at N89.23k per share, while Seplat added N5 to its share price to settle at N470 per share.

CAP Plc rose by N1.70k to finish at N35.70k per share, Forte Oil grew by N1.30k to end at N50 per share, while Nestle also increased by the same margin to close at N902.30k per share.

On the other hand, Conoil shed N1.66k to settle at N31.55k per share, and University Press declined by 31k to finish at N2.92k per share.

Oando dropped 25k to close at N8.15k per share, NASCON slumped by 24k to end at N9.6k per share, while UCAP also sank by 24k to finish at N3.5k per share.

The bullish performance of the local bourse on Wednesday was for the fifth session in a row.

Business Post correspondent reports that the All Share Index (ASI) advanced by 153.65 points to settle at 32,981.63 points, pushing the YTD Return to 22.72 percent.

Investor sentiment as echoed by market breadth closed positive as 29 equities appreciated, while 15 stocks pointed south.

At the close of trading activities at the stock market today, investors exchanged a total of 270.9 million shares worth N2.8 billion executed in 3,940 deals.

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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