Equity Market Cap Hits N24 Trillion as Jaiz, DANGCEM Rally
After gaining about N404 billion today, equity market capitalisation hits N24 trillion mark on Wednesday due to bargain hunting in Jaiz Bank, Dangote Cement, and Seplat among others top gained on the Nigerian Exchange (NGX) chart.
After the sell down reported on Tuesday, the Nigeria local bourse rebounds strongly as investors react positively to Dangote Cement Plc Tranche II buy-back announcement in particular.
Consequently, the Nigerian Exchange All Share Index expands by 749.52 basis points, representing an upturn of 1.71 percent to close at 44,608.82 points. The index is moving towards resistance since 2008.
The buying interest lifts stock market capitalisation by ₦403.83 billion to close at ₦24.03 trillion.
However, the market activities traded negatively as the total volume and value traded further dropped by 9.58 percent and 43.53 percent, respectively. A total sum of 266.33 million units valued at ₦3.82 billion was transacted in 4,502 deals, according to Atlass Portfolios Limited.
Meanwhile, TRANSCORP sustained the led as the most traded stock in terms of volume, accounting for 33.42 percent of the total volume of trades, followed closely by FBNH (11.45%).
Others are JAIZBANK (5.33%), STERLNBANK (4.39%), and GTCO (3.69%) to complete the top five on the volume chart.
Market data shows that SEPLAT emerged as the most traded stock in value terms, with 24.34 percent of the total value of trades on the exchange. ACADEMY and JAIZBANK topped the gainers’ chart with price appreciation of 10.00 percent each.
The duo were trailed by DANGCEM (6.18%), SEPLAT (2.99%), BUAFOODS (2.56%), MTNN (2.15%), UBA (1.23%), ETERNA (0.72%), NASCON (0.38%), ZENITHBANK (0.20%) and fourteen (14) others.
A total of fifteen (15) stocks declined in price, according to Atlass Portfolios noted, led by REGALINS with a price depreciation of 8.70 percent to close at ₦0.42.
CHIPLC share price tumbles by 8.70%, NEIMETH sheds 3.23%, HONYFLOUR dips by 2.86%, UCAP drops 1.79%, AFRIPRUD lost 1.54%, ETI nosedives by 0.58%, NGXGROUP falls 0.25%, and GTCO bumps by 0.20%. Consequently, the market breadth closed positively, recording 24 gainers and 15 losers.
Stock analysts said except for the Insurance sector that tanked by 0.49%, other sectors led by Industrial Sector (3.06%), Oil & Gas (1.37%), Banking (0.39%) and Consumer Goods (0.14%), respectively grew, compared to the last session. # Equity Market Cap Hits N24 Trillion as Jaiz, DANGCEM Rally
