The market indicators of the Nigerian Stock Exchange (NSE), for the third consecutive day, maintained an upward trend with the market capitalisation appreciating by N324 billion due to massive price gains.
The market capitalisation rose by N324 billion or 3.10 per cent to close at N10.763 trillion against N10.439 trillion achieved on Tuesday.
Also, the All-Share Index rose by 944.95 points or 3.10 per cent to close at 31,403.75 compared with 30,458.86 posted on Tuesday.
Alhaji Rasheed Yussuf, the Managing Director, Trust Yields Investment Ltd., attributed the growth to investors’ response to President Muhammadu Buhari’s determination to curb corruption.
Yussuf said that investors were responding to government’s body language that “it will no longer be business as usual in the country”.
He said that government’s appointment of a technocrat as the new Group Managing Director for the Nigerian National Petroleum Corporation (NNPC) contributed to the market’s gains.
Yussuf said that investors were optimistic that government would appoint the right people as ministers.
“Some investors are beginning to increase their stake in the market and the rate of share glut is reducing,” he said.
Yussuf explained that government’s determination to stabilise the nation’s currency contributed to the development in the market.
He said that government needed to come out with concrete economic policy, adding that the trend might not last.
A breakdown of the price movement chart showed that Forte Oil recorded the highest price growth, appreciating by N8.85 to close at N202.95 per share.
Dangote Cement followed with a gain of N8.50 to close at N180.50, while Nigerian Breweries appreciated by N6.05 to close at N127.05 per share.
Guinness grew by N5.93 to close at N136.93 and 7UP chalked up N5 to close at N195 per share.
Conversely, Northern Nigeria Flour Mills topped the losers’ chart, dropping by 73k to close at N13.99 per share.
Berger Paints trailed with a loss of 49k to close at N9.50, Champion Breweries lost 10k to close at N4.99 per share.
NAHCO shed 10k to close at N4.75 and Sterling Bank dipped 7k to close at N2.08 per share.
Continental Reinsurance emerged the toast of investors, exchanging 51.77 million shares worth N45.64 million.
Zenith Bank sold 42.18 million shares worth N726.62 million while Wapic Insurance traded 37.02 million shares valued N18.51 million.
Access Bank took fourth position accounting for 36.17 million shares worth N177.12 million, while GT Bank traded 25.18 million shares valued at N642.37 million.
Investors bought and sold 336.16 million shares worth N3.04 billion transacted in 4,243 deals.
This was in contrast with 668.34 million shares valued N4.76 billion achieved in 4,416 deals on Tuesday.
