Nigerian bourse continues record breaking moves

 

The Nigerian Equities market which has recorded only one negative NSE ASI close for the year 2018 so far closed Tuesday’s trading session in the green zone again.

The bourse surpassed the 40,000 mark since 10th September 2014 with an ASI close of 40,362.97 points today, representing a daily change of 1.2 per cent. Market capitalization which hasn’t reached the 14 trillion naira feat since 8th August 2014 closed 14.04 trillion naira Tuesday.

Market breadth, like in the past eight trading sessions, closed in favor of the gainers as 47 gainers trampled over 7 losers.

As regards sector performance indicators, NSEASEM remained unchanged from the previous trading session, NSE BANK, NSE INS, NSE OILGAS and NSE INDSTR all recorded positive daily changes, while NSE CNSMRGDS and NSE LOTUSISLM shed points.

DANGFLOUR gained 10 per cent in unit price to top the equities top performers’ chart in terms of market value of unit of stock as a previous close of N14.7 levelled up to N16.17 by the closing bell today. UAC-PROP topped the opposing chart followed closely by NAHCO.

Trade volume increased by 27.52 per cent as its previous level of 604 million shares closed at 770 million shares traded today. Despite the increase in trade volume, the worth of the lesser amount of shares outweighed today’s as a previously valued 16.17 billion naira dropped to 7.89 billion shares.

The ongoing rally of the Nigerian equities market further posits the market as a profitable venture for both domestic and foreign investors. As we go into the year proper, all things being equal, it is our expectation that market activities will, on an average, continue to soar, analysts at APT Securities and Funds Limited said.

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