Nigerian bourse sustains bullish rally as market cap adds N235bn Tuesday

The nation’s bourse on Tuesday recorded its seventh consecutive gain, appreciating further by N235 billion following buying interests in Dangote Cement, United Bank of Africa and Zenith Bank stocks.

Specifically, the market capitalisation rose by N235 billion or 1.20 per cent to close at N19.805 trillion from N19.570 trillion achieved on Monday.

Also, the All-Share Index grew by 450.21 points or 1.20 per cent to close at 37,893.61 compared with 37,443.40 recorded on Monday.

Consequently, month-to-date and year-to-date gain increased to 8.1 per cent and 41.2 per cent, respectively.

The uptrend was also driven by price appreciation in medium and large capitalised stocks among which are; Dangote Cement, Eterna, Cadbury Nigeria, Zenith Bank and United Bank for Africa.

Eterna led the gainers’ chart in percentage terms with 10 per cent growth to close at N4.51 per share.

FTN Cocoa Processors followed with 8.82 per cent to close at 74k, while Japaul Gold and Ventures rose by 8.11 per cent to close at 40k per share.

Dangote Cement inched higher by 6.34 per cent to close at N245, while Courteville Business Solutions appreciated by 4.76 per cent to close at 22k per share.

Conversely, Consolidated Hallmark Insurance led the losers’ chart in percentage terms, losing 10 per cent to close at 27k per share.

Red Star Express followed with 9.62 per cent to close at N3.10, while Associated Bus Company shed 9.09 per cent to close at 30k per share.

John Holt shed 8.93 per cent to close at 51k, while Royal Exchange depreciated by eight per cent to close at 23k per share.

In the same vein, the total volume of shares traded increased by 3.55 per cent as investors bought and sold 442.22 million shares worth N10.29 billion traded in 4,948 deals.

This was in contrast with 427.06 million shares valued at N3.31 billion achieved in 5,258 deals on Monday.

Transactions in the shares of Zenith Bank topped the activity chart with 59.02 million shares worth N1.45 billion.

AXA Mansard Insurance followed with 39.269 million shares worth N40.12 million, while Guaranty Trust Bank sold 38.22 million shares valued at N1.26 billion.

Japaul Gold and Ventures accounted for 33.05 million shares worth N13.01 million, while FBN Holdings transacted 29.93 million shares worth N209.45 million.