• Tuesday, December 05, 2023
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Stock market rallies on blue-chip gains


  The Nigerian stock market yesterday consolidated the gains it recorded at the beginning of trading this week following the rally witnessed in major blue-chip stocks.

Analysts said this development resulted as value investors further decided to increase their stakes in these stocks, a development which made investors gain N161billion.

This huge gain was driven majorly by price rallies witnessed in blue-chips stocks led by Guinness Nigeria plc, Nigerian Breweries plc, and Total Nigeria plc.

Guinness Nigeria gained N24.87 after its share prices rose from N265.03 to N289.90; Nigerian Breweries recorded N10.50 gain from N162 to N172.50; and Total Nigeria rose from N154.80 to N159, adding N4.20.

In addition to blue-chip stocks, NewGold gained N3, from N2, 428 to N2, 431; while FGN Bond “FG9B2019S3” rose from N120.72 to N122.65, adding N1.93.

The market recorded about 1.65percent gain after yesterday’s transaction on the trading floor of the Nigerian Stock Exchange (NSE).

The Nigerian bourse benchmark performance index –the NSE ASI rose from 32,849.11 points to 33,351.70 points yesterday.

The equities market capitalisation rose from N10.511trillion to N10.672trillion. In 6,494 deals, equity dealers exchanged 474,668,280 shares valued at N4.826billion.

The laggards chart yesterday at the Nigerian bourse had stocks like Nestle Nigeria plc which dropped from N841 to N835, losing N6; Presco dipped from N25.29 to N23.80, shedding N1.49; Mobil Nigeria plc lost N1, from N125 to N124; DNMeyer dipped from N2.40 to N2.16, losing N0.24; while National Salt Company of Nigeria dropped from N9.30 to N9.18, losing N0.12.

Deals in the shares of Custodian and Allied Insurance, GTBank, Zenith Bank, RT Briscoe, and Transnational Corporation buoyed the market transaction volume.