NSE market capitalization appreciates by N116bn

Activities on the Nigerian Stock Exchange (NSE) on Wednesday sustained positive growth with the market capitalisation appreciating by N116 billion due to global oil jump on OPEC output deal.

The market capitalisation, which opened at N8.970 trillion, inched N116 billion or 1.29 per cent to close higher at N9.086 trillion. Also, the All-Share Index appreciated by 336.48 points or 1.29 per cent to close at 26,407.64 against 26,071.16 recorded on Tuesday.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed investors’ positive sentiment to OPEC and non-OPEC countries agreement to cut oil production and supply in the first quarter of 2017.

Omordion said that the development led to recent rally being experienced by petroleum stocks with expectations that the production cut would support oil price stability above 52 dollars per barrel.

Seplat for the second consecutive day topped the gainers’ chart, growing by N25.15 to close at N400 per share.

Forte Oil trailed with a growth of N11.99 to close at N129.11, while Dangote Cement rose by N3.02 to close at N165.02 per share.

Glaxosmithkline gained N1 to close at N15 and International Breweries was up by 89k to close at N18.94 per share.

On the other hand, Nigerian Breweries led the laggards’ table with a loss of N1.96 to close at N143.05 per share.

Unilver came second with a loss of N1.14 to close at N43.84, while Mobil Oil dipped N1 to close at N299 per share.

Beta Glass dropped 99k to close at N32, while Champion Breweries declined by 11k to close at N2.50 per share.

Investors staked N4.28 billion on 205.40 million shares exchanged in 3,275 deals.

This was in contrast with a turnover of 376.69 million shares valued at N2.41 billion transacted in 2,885 deals on Tuesday.

The banking stocks remained the toast of investors with UBA leading the activity chart with 54.69 million shares worth N235.89 million.

Diamond Bank sold 22.01 million shares valued at N419.33 million and Zenith Bank accounted for 21.19 million shares worth N306.67 million.