Equity market remains upbeat, gains N46bn

Transactions on the floor of Nigerian Stock Exchange yesterday continued in bullish trend, increasing by N46 billion.

Specifically, market capitalisation of listed equities appreciated by 0.36 per cent  to N12.969 trillion from N12.923 trillion reported the previous day. The NSE All Share Index also increased to 26872.09 points from 26776.15 traded the previous day.

The NSE trading result showed that a total turnover of 239.221 million shares valued at N2.278 billion in 3585 deals traded by investors against 267.314 million shares worth N3.053 billion exchanged hands the previous day in 4074 deals.

Capital market operators said that the improvement in the market performance was as result of the continued decline in fixed income yields and money market rates. They said no one could predict how long this low rates regime would last, as it might depend on the outcome of the Monetary Policy Committee meeting next week.

An analysis of the investment during the day showed that Flour Mills Nigeria Plc recorded the highest gain during the day, growing by N1.60 kobo to close at N17.85 kobo, Stanbic IBTC group followed with a gain of N1.00 to close at N40.00, MTN Nigeria Plc added N0.95 kobo to close at N120.00, Dangote Cement gained N0.90 kobo to close at N144.90 kobo while Dangote Sugar Refinery Nigeria Plc added N0.85 kobo to close at N13.10 kobo.

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