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The recovery witnessed on the Nigerian Stock Exchange (NSE) on Monday was extended into the second day(Tuesday) after key measurement indicators of the NSE- All-Share index and the Market Capitalisation recorded increase of 2.46 per cent each.
According to the Daily Official list of the NSE of Tuesday, 05,06,2018, the NSE All-Share index improved by 907.82 points or 2.46 per cent to close at 37,854.92 in contrast with 36,947.10 achieved on Monday.
Following the same pattern the Market Capitalisation rose by N329 billion or 2.46 per cent to close at N13.712 trillion against N13.383 trillion posted on Monday.
This upward trend is not unconnected to gains and trading value and volumes in highly capitalised (high cap.) stocks recorded on the Nigerian bourse.
Nigerian Breweries led the gainers’ table, gaining N5.30 to close at N111.30 per share.
Dangote Cement followed with a gain of N5 to close at N225, while Okomu Oil Palm added N4 to close at N84 per share.
The International Breweries appreciated by N3 to close at N42, while Lafarge Wapco advanced by N1.65 to close at N34.75 per share.
On the flip side, French Oil major, Total topped the losers’ chart, dropping by N8.70 to close at N193.30 per share.
Presco followed with a loss of 90k to close at N70.35, while UACN shed 70k to close at N14 per share.
Ecobank declined by 10k to close at N19, while NPF Microfinance Bank dropped by 6k to close at N1.69 per share
Recall that Afrinvest analysts had predicted sustained momentum on the back of high cap. stocks.
“Whilst we are cautiously optimistic on the sustainability of today’s market rebound, we expect bargain hunting in large cap value stocks to continue driving positive performance in the near term,” they predicted.
The banking stocks dominated the trading activities for the day with Access Bank emerging the most active with an exchange of 133.07 million shares valued at N1.42 billion.
Guaranty Trust Bank came second with an account of 39.32 million shares worth N1.62 billion, while United Bank for Africa sold 22.23 million shares valued at N258.47 million.
The Zenith International Bank sold 19.962 million shares worth N533.32 million, while FBN Holdings exchanged 12.46 million shares valued at N136.69 million.
Moreover, investors staked N5.96 billion on 339.68 million shares traded in 4,436 deals against 314.43 million shares worth N7.03 billion achieved in 6,016 deals on Monday.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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