Market Gains N38bn Despite Losses in 23 Stocks

• Market Gains N38bn Despite Losses in 23 Stocks

Despite the fall in share value for 23 stocks, the Nigerian Stock Exchange market capitalisation appreciated by N38bn at the close of trading on the Exchange’s floor on Tuesday.

The NSE capitalisation rose to N9.629tn from N9.591tn, while the NSE All-Share Index closed at 28,034.32 basis points from 27,925 basis points as 15 stocks gain.

A total of 234.188 million shares worth N2.719bn were traded in 3,335 deals.

The NSE ASI maintained the positive start to the week, up further 39 basis points as most key sectors held on to gains. Global markets traded mixed amid continued doubt that the potential oil output cut deal would be enough to erode existing surplus.

The financial services sector again spearheaded gains across key sectors following market reaction to the nine-month 2016 result of United Bank for Africa Plc, which recorded a rise in gross earnings and profit after tax by eight per cent year-on-year respectively, and an appreciation in share price by 1.95 per cent.

This was coupled with advances in Zenith Bank Plc and Access Bank Plc by 3.37 per cent and 2.21 per cent, respectively.

The consumer goods sector appreciated by 0.58 per cent, while the oil and gas sector also rose by 1.51 per cent. This was driven by 3.13 per cent gain in Nestle Nigeria Plc, 2.36 per cent gain by Dangote Sugar Refinery Plc shares and five per cent appreciation in Seplat Petroleum Development Company Limited.