NSE’s market value rises by N300 billion

The market capitalisation of the Nigerian Stock Exchange (NSE) last week appreciated by N300 billion to close at N12.138 trillion.

Besides, the NSE All-Share Index grew from 37,382.49 basis points achieved in the previous week to close at 38,328.29 points.

The difference represented 2.53 per cent growth or an addition of 945.8 basis points for last week.

The capital market also recorded a turnover of 1.89 billion shares worth N15. 54 billion exchanged in 28,619 deals.

This is against the 1.67 billion shares valued at N18.27 billion transacted in 25,367 deals in the previous week.

The financial services sector remained the toast of investors, accounting for 763.65 million shares worth N7.28 billion traded in 14,740 deals.

The conglomerates sector followed on the week’s activity chart with 704.83 million shares worth N1.14 billion traded in 1,122 deals.

Eight Thousand, two hundred units of FGN bonds valued at N911.1 million were traded in 10 deals last week.

This is in contrast to the 4,100 units worth N443.7 million transacted in 18 deals the corresponding week.

IPWA Plc led the gainers’ table with 57.32 per cent or 47k to close at N1.29 per share.

IHS followed with a gain of 46.33 per cent or N1.20 to close at N3.79, while Forte Oil appreciated by 46.31 per cent or N9.42 to close at N29.76 per share.

On the contrary, Berger Paints topped the losers’ chart with N1.68 to close at N9.26 per share.

Paint and Coatings followed with a loss of 12.17 to close at N1.66, while Portland Paints and Products Nigeria dipped by 80k to close at N5.78 per share.

Capital market analysts on Monday attributed the steady surge of the nation’s bourse to investors’ anticipation of improved half year earnings.

The immediate past President, Association of Stockbroking Houses of Nigeria, Mr Rasheed Yussuf, said that investors were optimistic that most quoted companies would declare impressive returns on or by December.

Yussuf said that the results released by Nigerian Breweries, Guinness Nigeria and Sterling Bank for the half year ended June 30 might have spurred investors.

The Managing Director, APT Securities and Funds Ltd., Lagos, Malam Garba Kurfi, said that most investors had moved funds to the equities due to low yields offered by money market instruments.